Anthropic buys $3.4B of gas generators from OnePWR for data centers

The notable detail is the structure: Anthropic is buying equipment and installation capacity rather than the supplier, a capital-light way to lock in power without taking on an operating business. OnePWR's two-year-old Caterpillar order, stuck for want of financing, shows how constrained the generator supply chain has become — AI labs are now effectively financing their vendors' inventory. For equipment suppliers and their backers, this is a template worth watching; whether other compute buyers copy the model, and whether OnePWR's order book converts into delivered capacity, are the open questions.