Anthropic is a party to two of the seven AI compute, power and data center campus deals that were first made public between 1 and 11 November with a stated figure, by our count of our own coverage. They are its 910-megawatt, roughly $28 billion lease of Riot Platforms’ Corsicana campus and the 1.7 gigawatts of gas-fired generators the Financial Times reported it bought for $3.4 billion.
The three new power-generation deals add up to at least 3.6 gigawatts, and Anthropic’s generators are about 47% of that, by our arithmetic. Three campus announcements add up to $74.1 billion of stated investment. We keep the three categories apart because they measure different things: generating capacity, campus spending and leased capacity for computing.
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The key insight: As we read the tally, the companies that will use the capacity are signing for it directly: Anthropic is the counterparty on the only new compute lease in our coverage of 1-11 November, 910 megawatts from Riot, and on 1.7 of at least 3.6 gigawatts of new generation, about 47% by our arithmetic.
Anthropic and OnePWR, 1.7 GW. The Financial Times reported on 8 November that Anthropic bought commitments for 1.7 gigawatts of gas-fired generators from OnePWR Solutions for $3.4 billion, in a contract signed in late September. Anthropic and OnePWR declined to comment to the FT (our piece).
NTT DATA and Bloom Energy, 900 MW. NTT DATA announced on 5 November an agreement with Bloom Energy “to deploy 900 megawatts (MW) of onsite power across multiple data center projects, globally” (our piece). The release gives no contract value.
California Resources and Bloom Energy, 1 GW or more. California Resources Corporation said on 2 November that it signed a memorandum of understanding with Bloom Energy to evaluate “1 gigawatt (GW) or more of solid-oxide fuel cell power generation paired with carbon capture and storage in California”. Its release says “MOUs are non-binding agreements” (our piece).
Counting the California plan at its 1-gigawatt floor, the three come to 3.6 gigawatts, and Anthropic’s 1.7 gigawatts are about 47%, by our arithmetic. Without the non-binding plan, the total is 2.6 gigawatts and Anthropic’s share is about 65%.
AI compute, power and data center campus deals first made public between 1 and 11 November 2026 in our coverage, one bar per category in its own unit: generating capacity, stated campus investment and leased computing capacity. The California Resources and Bloom Energy plan is non-binding and counted at its 1 GW floor. Totals and shares are our arithmetic; the generator purchase is as reported by the Financial Times.
Campus Investment: $74.1 Billion in Three Announcements
Lambda, Alabama, $33.1 billion. Lambda announced on 4 November plans for a data center campus in Lowndes County, Alabama, which it says “represents an estimated $33.1 billion investment in Alabama”. We noted the announcement in an earlier piece.
SpaceX, Starbase, about $24 billion. A City of Starbase hearing notice says SpaceX “proposes to construct, own, and operate a gas-fired power plant and super-compute facility”, with estimated capital investment for initial phases of about $24 billion (our piece). The city commission considers a tax abatement on 9 December.
Google, Wyoming, $17 billion.Googlesaid on 5 November that it is building its first data center in Wyoming, “representing a $17 billion investment in the Cowboy State” (our piece).
Together the three come to $74.1 billion, by our arithmetic: Lambda about 45%, SpaceX about 32% and Google about 23%. The SpaceX figure covers a gas-fired power plant as well as the computing facility; the notice gives one figure for both.
Leased Compute: One Deal, 910 MW
Riot Platforms’ release of 4 November describes a 15-year lease covering “910 MW of critical IT capacity on a contiguous 332-acre parcel”, with “Approximately $28 billion of total contract value”. Riot’s 10-Q names the tenant as Anthropic PBC and says the lease was signed on 28 October and became effective on 4 November (our piece).
It is the only new lease of computing capacity with a stated figure in our coverage of the period, so Anthropic accounts for all 910 megawatts of that category.
First public date of each AI compute, power or campus deal with a stated figure that came up in our coverage between 1 and 11 November 2026. Grey dots are deals first announced before November and restated in November results, filings or announcements; first-announcement dates from the companies, The Block and ESG Today. The count is ours.
Five Older Deals That Resurfaced
Re-checking each figure against its first source took five deals out of the count. All five came up again in November results, filings or announcements, but each was first announced between April and October, so 5 of the 12 deals with a figure in our November coverage were not new, by our count.
Bitdeer’s 10 November results list a “$4.7 Billion, 16-Year AI/HPC Data Center Lease with Volta” for 121 IT MW in Tydal, Norway (our piece); The Block reported the lease on 4 August. TeraWulf’s 4 November 8-K added a Google backstop to Anthropic leases worth about $19 billion over 20 years for about 401 MW (our piece); The Block reported the $19 billion, 20-year lease on 6 July.
ESDS put a $1.25 billion value on its Nvidia B300 contract in a 2 November presentation (our piece); Sharon AI announced that agreement on 1 April. Fervo’s results of 9 November cite a 396 MW Google agreement (our piece) that ESG Today reported on 1 September. The 702 MW fuel cell project in Google’s Wyoming post was reported by ESG Today on 15 October as an AEP plan to supply Google.
Counted together, the older deals carry $24.95 billion of contract value, 522 megawatts of leased capacity and 1,098 megawatts of generation, by our arithmetic. We left them out of every November total above.
The Top Five by Stated Dollars
Five of the seven new deals carry a dollar figure. Ranked, they are Lambda’s $33.1 billion, Riot’s roughly $28 billion lease with Anthropic, SpaceX’s roughly $24 billion, Google’s $17 billion and Anthropic’s $3.4 billion for generators. We do not add them: one is a lease contract value, three are campus investment figures and one is an equipment purchase.
As we read the dollar figures, campus announcements, not leases, carried most of the stated money: three campuses add up to $74.1 billion, by our arithmetic, against one new lease of roughly $28 billion.
As we read the re-check, a November filing is not the same as a November deal: 5 of the 12 deals with a figure in our coverage were first announced between April and October, carrying $24.95 billion of contract value by our arithmetic.
Riot Platforms, third-quarter release
“Rent is payable on the full 910 MW irrespective of utilization.”
Three Implications
FOR POWER SUPPLIERS Bloom Energy is the supplier in two of the three new generation deals, 900 megawatts with NTT DATA and a non-binding plan for 1 gigawatt or more with California Resources.
FOR LANDLORDS Riot says rent is payable on the full 910 megawatts irrespective of utilization, and its 10-Q names Anthropic as the tenant.
FOR READERS OF RESULTS Bitdeer, TeraWulf, ESDS and Fervo restated deals in November filings that were first announced between April and September, so the filing date is not the deal date.
The framework says: “The $1T capex cycle is being underwritten by a $1T concentrated demand commitment from two counterparties whose combined free cash flow is deeply negative.”
As we read it, this month’s new deals show one of those counterparties, Anthropic, now signing for power and leased capacity directly, not only through cloud providers. The framework predates these deals and does not discuss them.
What Is Not Established
The seven deals are those in our own coverage, not a full count of AI infrastructure deals in the period, and the categories are our classification. The Anthropic generator purchase rests on the FT’s reporting; neither company confirmed it to the FT. The California plan is non-binding, and the Lambda and SpaceX figures are estimates of planned investment, the SpaceX one subject to a city vote.
NTT DATA and California Resources give no dollar value, so neither is in the dollar ranking. We did not contact the companies for this piece.
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Between 1 and 11 November, seven new AI compute, power and campus deals with a stated figure appeared in our coverage. Anthropic is in two: the only new compute lease, 910 megawatts from Riot, and 1.7 of at least 3.6 gigawatts of new generation. Five more deals that came up in November were first announced between April and October.
A note on sourcing. This piece is built from our own coverage of AI compute, power and data center campus deals first made public between 1 and 11 November 2026 and from the AI landscape database we compile from those pieces. On 11 November we re-read Riot Platforms’ results release and 10-Q, the NTT DATA, California Resources, Lambda and Google announcements, the City of Starbase hearing notice and Bitdeer’s results release; we checked first-announcement dates against Sharon AI’s April release and reports by The Block and ESG Today.
The Financial Times article on Anthropic’s generators is paywalled; we read it for our 8 November piece and re-checked its figures against a report relaying it. The categories, totals and shares are our arithmetic. We did not contact the companies for this piece.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
