Meta Platforms is in talks to lease computing power to Anthropic in a potential deal worth as much as $10 billion over two years, according to a New York Times report.
The deal, proposed by Anthropic in June, would help Meta diversify beyond its core advertising business by generating new revenue from its infrastructure investments.
It would directly pit Meta against CoreWeave and Nebius in the growing market for AI computing capacity.
Under the proposed terms, Anthropic would pay Meta in monthly increments over the two-year period. Both companies would have the option to exit the agreement early.
Shares of Meta slightly pared losses on the news amid a wider tech selloff.