Anthropic, the developer of the AI chatbot Claude, has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for its upcoming initial public offering (IPO). In its prospectus, the company highlights a five-year power bottleneck and plans to shift from relying solely on third-party cloud providers to a hybrid model that includes building its own data centers. This initiative, called "Anthropic Direct," aims to reduce long-term costs by leasing computing power directly from partner companies that will handle land acquisition, power securing, facility construction, and daily operations. Anthropic has already committed to $125.2 billion in lease payments over five years, before interest.
Bloom Energy (NYSE: BE) stands to benefit from Anthropic's plans, as the company provides on-site solid oxide fuel cell (SOFC) technology that can accelerate the development of new data centers. Bloom Energy's fuel cells offer continuous low-emission electrical power, making them a viable alternative to centralized electrical grids. The company's SOFCs can be deployed within months to a year, providing a quicker power solution compared to small modular reactors (SMRs) from Oklo (NYSE: OKLO), which are not expected to come online until 2027 or later.
Bloom Energy reported record numbers in the third quarter, with revenue of $1.26 billion, up 138% year over year. This strong financial performance has led the company to raise its full-year revenue guidance to between $4.4 billion and $4.6 billion. Additionally, Bloom Energy reported earnings per share (EPS) of $0.78, a significant improvement from an EPS loss of $0.10 in the same period a year ago. The company's growing stability and financial strength make it an attractive option for Anthropic's power needs.
Anthropic's cloud-based partners, including Amazon (NASDAQ: AMZN) through Amazon Web Services and CoreWeave (NASDAQ: CRWV), already use Bloom Energy for their power needs. This existing relationship further supports the likelihood that Anthropic will turn to Bloom Energy for its data center power requirements.