The Bottleneck Isn't Algorithms Anymore. It's Power and Buildings, So Anthropic Is Financing Data Centers Like Toll Roads.

Anthropic, Macquarie and Singapore's GIC have formed Theseus Infrastructure to develop, own and lease data centers built just for Anthropic. The labs are structuring compute like utilities now, off their own balance sheet, funded by infrastructure investors, on long-term leases. That tells you where AI's real constraint has moved.