NTT Data talks a $6.3B Osaka data center for Anthropic
Nikkei reported on 13 October that NTT Data Group is in final-stage talks to build Anthropic's first dedicated Japan data center in Osaka. Construction could cost up to ¥1 trillion, about $6.3 billion, with partial opening as early as 2028. This is talks, not a signed lease.
WIRE · AI DATA CENTERS · JAPAN · Data as at 13 Oct 2026
NTT Data Group is in the final stages of talks to build Anthropic's first dedicated Japan data center in Osaka, Nikkei reported on 13 October 2026. Construction could cost up to ¥1 trillion, about $6.3 billion. Partial opening is pencilled for as early as 2028. This is talks, not a signed lease. On the AI data centers layer, the cash question is who gets paid to host the model lab — and whether Japan grid power arrives in time for the halls.
What happened
13 October 2026 · Nikkei
Final-stage talks: NTT Data to host Anthropic in Osaka
Named landlord and tenant. Anthropic's first dedicated Japan campus. NTT declined to comment
Construction print
Up to ¥1 trillion, about $6.3 billion, to build
Building cost only. GPU-filled halls would push total investment higher, sources told Nikkei
Clock
Aim to sign by end of FY2026 (31 March 2027); partial open as early as 2028
About 15 months from today's report to the earliest partial date — and only if a deal lands
Capacity (reported)
Reports citing Nikkei put power intake at up to 500 MW
Nikkei's free Japan lede calls intake "largest-class" in the country. Treat 500 MW as report-sourced, not company-confirmed
Why cash cares
A model lab does not earn from a Japanese user until someone builds and powers the hall. The parties named here are the ones that get paid if the talks close: NTT Data as builder and host, and later the vendors that fill racks with GPUs. Anthropic is the tenant that would commit offtake. Nothing clears until a lease or build agreement is signed.
The stuck step is power before halls. Reports citing Nikkei say 500 MW of grid intake would take time to secure, so early phases may lean on on-site generation and fuel cells. That is the same bind that shows up on other large Asia campuses: land and a landlord are not enough if the megawatts arrive late.
Our arithmetic, not a company figure. If construction is priced at the ¥1 trillion ceiling against a 500 MW reported intake, that is about ¥2 billion per MW, or about $12.6 million per MW, for the building shell alone. Fill the halls with AI servers and Nikkei-sourced reports say the all-in figure can run to several trillion yen. The $6.3 billion is the construction print that clears the Wire bar on its own; the 500 MW figure is the capacity claim that would put Osaka among Japan's largest AI campuses if it sticks.
Figure: Talks, not a lease. Construction print, sign target, and earliest partial open. Capacity MW is report-sourced.
The second-order read
Who gets paid. NTT Data first, if and when a build agreement lands — construction spend and then hosting rent. Power and cooling vendors next. GPU and networking sellers only after Anthropic commits to fill the halls.
Who waits. Anthropic's Japan capacity. Partial open in 2028 means no dedicated Japan hall prints revenue for the lab until then, even if they sign by March 2027.
Who carries the risk. Both sides while the deal is still talks. NTT has not confirmed the project. A slip on the FY2026 sign target pushes 2028 partial open further out. Grid power at the reported scale is the operational risk after any signature.
Stuck step. Signed offtake plus power. A ¥1 trillion shell without a signed lease, or a signed lease without megawatts, leaves cash on the table.
Two cautions
This is final-stage talks, not a closed lease. NTT declined to comment. Treat the 500 MW intake as report-sourced until either company files or confirms it.
The $6.3 billion is a construction ceiling in the reporting, not a guaranteed spend, and not the all-in cost of a filled AI campus.
What would change the view
- A signed agreement with a public MW figure, site, and term.
- A company confirmation (or denial) of the ¥1 trillion / 500 MW prints.
- A Japan utility or prefecture filing that names the campus and a connection date.
What to watch
- The FY2026 sign clock: a deal by 31 March 2027, or a slip that moves 2028.
- Power path: grid allocation versus on-site generation for the first halls.
- All-in capex: whether GPU fill is disclosed as a separate multi-trillion-yen line.
Read: AI Data Centers, How Long Does It Take to Build an AI Data Center?, and Indiana approves AES plan to power Google's 390 MW Monrovia data center
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Not investment advice. Do your own research. The ¥2 billion per MW, $12.6 million per MW, and ~15-month clock figures are our arithmetic from Nikkei-sourced reporting.
References
- Nikkei Asia, "NTT to build first data center for Anthropic in Japan", 13 Oct 2026 11:00 JST. Final-stage talks, Osaka, up to $6.3bn construction, partial opening by 2028, largest-class capacity in Japan.
- Nikkei (Japan), "NTTがアンソロピック向けデータセンター 日本初、大阪で開設へ", 13 Oct 2026 11:00. Final adjustment for Osaka Prefecture campus, construction up to ¥1 trillion, power intake among Japan's largest-class, Anthropic's first Japan hub.
- CNA / Reuters, "NTT Data in final talks to build Anthropic's first data centre in Japan, Nikkei reports", 13 Oct 2026. Restates Nikkei: up to ¥1 trillion ($6.3bn), up to 500 MW intake, sign by end FY2026 (31 March), partial ops as early as 2028, NTT declines comment.
- Tech Observer, "NTT Data in talks to build $6.3 billion data centre for Anthropic in Japan", 13 Oct 2026. Nikkei-sourced: 500 MW, FY2026 sign target, early-phase on-site power / fuel cells, GPU fill could push total investment to several trillion yen.
- Nikkei (Japan), "大阪湾岸、工業集積地からデータセンターハブへ", 13 Oct 2026 12:20. Osaka bayfront context for NTT Data's southern Osaka Prefecture largest-class DC talks.
