Anthropic reported $16.8 billion in Q3 revenue, up 46% from $11.5 billion in Q2, and said it was profitable on an adjusted basis and cash flow positive. Kroll Bond Rating Agency assigned Anthropic a BB+ issuer rating with a stable outlook, one notch below investment grade. A $35 billion Apollo-led chip financing deal funds more than one gigawatt of compute, with Broadcom guaranteeing most of it and roughly $4.4 billion in junior debt riding on Anthropic's own credit. As of late June, Anthropic carried zero debt on its own balance sheet, with borrowing sitting in partner entities and special purpose vehicles. Anthropic plans to spend more than $500 billion on computing and AI infrastructure over the next decade.
On the deal side, Anthropic signed an undisclosed multiyear cloud agreement with IREN, an Australian-listed bitcoin miner. The dollar value and term were not disclosed. IREN shares jumped on the report before giving back some gains. The deal is part of Anthropic's effort to bring roughly $530 billion in data-center leases online. Analysts estimate that activating a 245 MW site one month early would add more than $1.3 billion in monthly revenue, which explains the pressure on infrastructure partners. Anthropic's buildout draws on current and former bitcoin miners including Hut 8, TeraWulf, IREN, and Nscale.
Anthropic is also close to signing a deal with NTT Data to build a 500-megawatt data center in Osaka, Japan, which would be its first in the country, according to Reuters. The project could cost up to $6.3 billion to build. Anthropic and NTT Data aim to sign by end of 2026, with partial operations possible as early as 2028. The project would influence NTT Data's broader plans to spend at least $9 billion through 2033 to quadruple Japanese computing capacity to one gigawatt.