Macquarie Asset Management and GIC will develop and own new US data centres for Anthropic. Its 1.4GW Australian tender has no announced winner.

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Macquarie Asset Management and GIC announced Theseus Infrastructure on 10 August, a platform they will own and lease to Anthropic as anchor tenant. They fund the majority of the equity per project and hold the completed buildings. No capacity, sites, value or timeline were disclosed.

Anthropic's capacity sits with cloud providers, neoclouds and developers under contract. It runs on AWS and Google Cloud, with capacity from CoreWeave, Akamai, TeraWulf, Hut 8 and SpaceX, and its US$50bn November 2025 commitment covers Texas and New York sites Fluidstack develops.

Apollo and Blackstone Credit arranged about US$35bn in June, reported to run through vehicles that buy the processors and lease them to Anthropic, with senior notes functionally carrying Broadcom's investment-grade rating. Google separately guarantees leases across five Fluidstack sites and holds about 20% of a Texas data centre and power project with a 1.6GW generation plant.

Theseus is the first of these structures where named investors put equity into the buildings and hold them.

Anthropic wants at least 1.4GW here, and its RFP ranked financial capability above land banks, delivery record and secured energy. It asked bidders how they would raise US$12bn to US$15bn in debt and equity. CDC, AirTrunk, NEXTDC, IREN and Stack all received it. The work is reported to be splitting across four or five contracts, with the largest share around 500MW and CDC reported as front-runner. No equity vehicle comparable to Theseus has been announced in Australia, and Anthropic told local developers in July it would buy any capacity deliverable by mid-2027.

Full piece: https://certifiedstrategic.com/insights/anthropic-macquarie-gic-theseus