Anthropic has agreed terms with Google and Broadcom for multiple gigawatts of next-generation TPU compute capacity, with the infrastructure expected to start coming online in 2027. The company called it its most significant deal to date, announcing at the same time that its annual revenue run rate has risen to $30 billion, up from $9 billion at the end of 2025.
Bitcoin miners feel the pressure
The deal reflects an infrastructure buildout that is competing directly with bitcoin mining for grid connections, land, cooling systems and low-cost electricity. A Cambridge University tracker estimates bitcoin mining draws between 13 and 25 gigawatts of continuous power globally, depending on hardware assumptions. That overlap is reshaping miner economics.
Several large operators are already pivoting. Core Scientific converted a significant portion of its mining capacity to AI hosting through a deal with CoreWeave. Iris Energy and Hut 8 have expanded into high-performance computing. Riot Platforms, MARA Holdings and Genius Group disclosed selling more than 19,000 BTC from their treasuries last week.
The revenue case for AI rentals
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The financial logic is straightforward. A gigawatt of capacity used for bitcoin mining produces revenue tied to bitcoin's price and network difficulty. The same capacity rented to an AI company generates predictable contracted cash flows. With bitcoin around $69,000, difficulty at record highs and energy costs rising, AI hosting often pays better.
Anthropic also said the number of business customers spending more than $1 million a year on Claude has doubled from 500 to over 1,000 in under two months, a sign that demand for large-scale dedicated compute is accelerating.
The recap
- Anthropic signs deal for multiple gigawatts of TPU capacity.
- Anthropic's annual revenue run rate rose to $30 billion.
- New TPU capacity expected to come online starting in 2027.
