Anthropic's S-1 Says It Will Expand Its Data Center Footprint. Here's Who Could Pour the Concrete, Wire the Power, and Cool the Chips.

Anthropic, a leading artificial intelligence company, has revealed plans to significantly expand its data center footprint in its recent IPO filing. The company has committed approximately $895.4 billion to purchase and lease computing and infrastructure, with $447.5 billion expected to be due by the end of 2030. While Anthropic is not directly constructing or owning the facilities, it is partnering with third-party companies to develop and operate specialized data centers.

To support its infrastructure expansion, several publicly traded companies could potentially provide the necessary resources. Sterling Infrastructure (STRL) specializes in site development services for large industrial projects, including data centers and semiconductor manufacturing facilities. The company's revenue in the third quarter increased by 212% year-over-year, with a strong pipeline of identified work estimated at $8 billion.

Quanta Services (PWR) offers transmission lines, substations, and other infrastructure to connect data centers to the power grid. The company's revenue grew by 57% in the third quarter, with a record backlog of $63.7 billion. Vertiv Holdings (VRT) manufactures liquid cooling systems and provides power equipment and related infrastructure for data centers. The company's Q3 revenue increased by 61%, with deferred revenue reaching $4.12 billion.

These three companies each play a distinct role in the complex process of expanding computing capacity, with none identified as direct contractors for Anthropic. As a result, they offer investors exposure to various aspects of data center construction, from land acquisition and construction to electricity and cooling equipment.