Meta Platforms (META) is reportedly in preliminary discussions to lease out its artificial intelligence computing infrastructure to AI research lab Anthropic, a move that could generate up to $10 billion in revenue over two years. According to anonymous sources cited by CNBC and The New York Times, the deal would allow Anthropic to scale its advanced AI models—including its flagship model Fable—amid persistent industry-wide shortages of Nvidia’s cutting-edge hardware.
The talks, which began in June when Anthropic forwarded the proposal, are still at an early stage. If finalized, Anthropic would pay Meta on a monthly basis. This arrangement follows a similar, larger contract the AI firm struck in May with SpaceX, committing $45 billion over three years for access to Nvidia GPUs at the Colossus 1 data center. Anthropic’s scramble for compute mirrors a broader trend: Google is also paying SpaceX around $920 million monthly, and even Meta has faced rationed access to Gemini models.
For Meta, the potential partnership directly addresses investor concerns over its massive capital expenditures. The company recently shocked markets by raising its full-year capex guidance to a staggering $125–$145 billion, nearly double the previous year’s $72 billion, almost entirely directed at AI data center buildouts. By transforming excess server capacity into a high-margin enterprise service, Meta would create a recurring B2B cloud revenue stream, reshaping its investment thesis. CEO Mark Zuckerberg previously signaled this ambition, noting that external tech firms frequently ask to buy compute at a premium. The company has also bolstered its leadership, appointing former AWS executive Dave Brown as head of infrastructure.
Meta stock currently trades at about 23x forward earnings, which many analysts consider inexpensive for an established AI beneficiary. Wall Street consensus remains a Strong Buy, with an average price target of roughly $823—implying over 25% upside. However, the potential Anthropic deal adds a new dimension: Meta would simultaneously be a rival (through its own Llama models) and a landlord, highlighting the complexities of the AI arms race.
