Anthropic is shifting data center construction risk to infrastructure investors while keeping capacity through leases.

Anthropic, Macquarie Asset Management and GIC are establishing Theseus Infrastructure, a platform that will develop, operate and lease purpose-built datacenter under long-term agreements.

Macquarie Asset Management funds and GIC will own the platform and fund the majority of the equity for each project, with Anthropic the anchor tenant.

The structure here is especially important because, a dedicated site absorbs equity for years before a single rack earns revenue.

Theseus moves that financing problem to investors who specialize in contracted infrastructure cash flows, while Anthropic pays through rent rather than capital expenditure.