Stream Data Centers (SDC) is a United States developer and operator of wholesale colocation and build-to-suit data center capacity for hyperscale and enterprise customers, headquartered in Dallas, Texas. It dates its operations to 1999, says more than 90% of its inventory is leased to Fortune 100 customers, and has a site-development affiliate, Headwaters, that assembles land for data center development (Source: streamdatacenters.com). Funds managed by Apollo acquired a majority interest in the company in November 2025 (Source: apollo.com). On September 22, 2026 The Information reported that Anthropic was in early talks to lease up to 1 gigawatt of capacity from the company (Source: theinformation.com).
| Field | Detail |
|---|---|
| Headquarters | Dallas, Texas |
| Operating since | 1999 |
| Ownership | Apollo-managed funds (majority); a Principal Asset Management fund and SDC management (minority) |
| Leadership | Michael Lahoud and Paul Moser, co-managing partners; Lahoud is also described as CEO |
| Markets | Dallas, Phoenix, Chicago, San Antonio, Atlanta and others |
Snapshot
Compute and pipeline
| Date | Metric | Figure | Source |
|---|---|---|---|
| 2026-09-22 | Anthropic lease under discussion | Up to 1 GW (early talks; unconfirmed) | (Source: theinformation.com; investing.com) |
| 2025-11-03 | Development pipeline | "4+ gigawatt" pipeline; more than 20 campuses delivered | (Source: apollo.com) |
| 2025-08-06 | Near-term power | 650 MW across campuses in metro Chicago, Atlanta and Dallas, to be accelerated with new land-fund capital | (Source: streamdatacenters.com) |
Ownership
Apollo announced on August 6, 2025 that its funds had agreed to buy a majority interest in SDC from Stream Realty Partners, with SDC management retaining a minority stake; the company then controlled "over 4 gigawatts of long-term powered land." As part of the deal Apollo funds and Stream Realty Partners committed new capital to SDC's existing land fund, and a newly formed Apollo subsidiary became the fund's investment manager (Source: streamdatacenters.com). The acquisition closed on November 3, 2025, with Principal Asset Management acquiring a minority interest through a Principal-managed fund. Apollo described SDC as "an essential part of Apollo's strategy to scale our presence in digital infrastructure" and said its funds and affiliates had deployed more than $40 billion into next-generation infrastructure since 2022 (Source: apollo.com).
Reported Anthropic lease talks
According to The Information's September 22, 2026 report, citing people with knowledge of the discussions, Anthropic had discussed becoming a direct tenant of sites developed by SDC, part of an effort to reduce its reliance on cloud providers, and would likely fill the facilities with tensor processing units designed by Broadcom and Google, possibly also using Nvidia GPUs or other chips (Source: theinformation.com; investing.com). Investing.com's account of the same report added that the discussions had included the possibility of Google providing a credit guarantee for the project, the scope of which was unclear (Source: investing.com). Neither company had announced an agreement. The talks are listed with Anthropic's other compute arrangements at Anthropic.
Provenance note: The Information's article is paywalled; the lease-talk details are taken from its published summary and Investing.com's account of it, not from the article body.
Policy positions
SDC is a board-tier member of the Data Center Coalition, the industry's trade association (Source: dcc.silkstart.com). On August 7, 2026 it announced support for Texas Governor Greg Abbott's call for additional utility audits to allow greater regulatory oversight of grid usage; chief executive Michael Lahoud said the company had delivered 13 data center campuses in Texas over 27 years and that "our citizens deserve to be able to trust that these projects and developers are real, responsible and rational" (Source: streamdatacenters.com).
Relationships
- related: Anthropic — reported prospective tenant for up to 1 GW
- related: Broadcom, Google DeepMind — TPU designers whose chips Anthropic would reportedly install
- related: Data Center Coalition — board-tier member
- related: AI Data Centers, Data Center Siting / AI Power Politics — hyperscale campus development and siting
- related: Energy and Electric Power Sector — powered-land and grid-audit positions