Compiled from reports by Reuters and Crypto Briefing. See the original articles linked below.
Nscale, a data center developer backed by Nvidia, is in talks to sell computing capacity to Anthropic in an arrangement that could be worth about $45 billion, according to Reuters. The news agency cited a person familiar with the matter and said the talks were first reported by Bloomberg News. Reuters wrote that it could not independently verify the Bloomberg report.
Reuters reported that the discussions concern a second building at Nscale's Monarch data center campus in West Virginia. The facility would provide 460 megawatts of computing power built around Nvidia's Vera Rubin chips. Reuters added that Anthropic also holds a right of first refusal on a third building that is expected at the same campus. Its source said details of the arrangement could still change.
Crypto Briefing, which also relayed the Bloomberg report, described the potential contract as the second of this size between the two companies within two months. It said representatives of both Nscale and Anthropic declined to comment. Reuters said Anthropic had not immediately responded to its request for comment.
The earlier agreement
Reuters reported that Anthropic agreed in August to spend $45 billion renting AI cloud computing capacity from the West Virginia campus. Crypto Briefing wrote that the August agreement covered about 460 megawatts at the Monarch Compute Campus, with Vera Rubin systems due to start coming online in late 2027.
Nscale's finances and listing plans
Crypto Briefing reported that Nscale filed for a United States initial public offering on September 18, seeking a listing on the New York Stock Exchange under the ticker NSCL. According to that outlet, the filing showed $103.4 billion in active and contracted total contract value as of August 31, and the company is aiming for a valuation of roughly $30 billion. Reuters likewise wrote that Nscale's contracted value had grown from $100 million to more than $103 billion in about two and a half years, and that its prospectus names Microsoft and Anthropic as expected major customers.
Crypto Briefing said Nscale reported first-half 2026 revenue of $140.6 million and a net loss of $1.02 billion, and that the company has said it has not yet secured binding financing for the chips and data centers its contracts require. The outlet also listed execution risks, including dependence on a small number of customers, power constraints and grid delays affecting a project in the United Kingdom.
Market backdrop
Reuters noted that the report followed Microsoft's withdrawal from a deal to anchor a flagship Nscale data center. According to Reuters, delays in connecting power had pushed the expected date for supply into the 2030s. The agency also said investors are examining companies that depend heavily on debt to expand AI infrastructure, pointing to a slump in shares of rival CoreWeave the previous week over concerns about its $50 billion debt load, which contributed to a global sell-off in AI stocks.
Reuters also wrote that Bloomberg reported a group of investors had urged Anthropic to lower its own IPO valuation target after a series of setbacks for AI companies.
Sources
- Nvidia-backed Nscale, Anthropic in talks for new $45 billion AI cloud deal, source says (Reuters, 2026-10-19)
- Anthropic in talks to buy $45 billion in computing power from Nscale (Crypto Briefing, 2026-10-19)
This article was compiled with AI assistance from the reports listed above and reviewed by GMA before publishing.