Compiled from reports by The Star and Crypto Briefing. See the original articles linked below.
Nscale, a data center developer backed by Nvidia, is in discussions to supply artificial intelligence computing power to Anthropic under a new agreement valued at about $45 billion, according to a Reuters report published on October 19, 2026, and carried by The Star of Malaysia. Reuters attributed the information to a person familiar with the matter. Crypto Briefing, citing Bloomberg, reported the same talks.
What the new deal would cover
Reuters reported that the agreement would relate to a second building at Nscale's Monarch data center campus in West Virginia. According to Reuters, that building would provide 460 megawatts of capacity using Nvidia's Vera Rubin chips. Crypto Briefing described the capacity in similar terms and called it Anthropic's second deal of this size with Nscale within two months.
Reuters said Anthropic already holds a right of first refusal on the third building expected at the Monarch campus.
The earlier agreement
Both outlets pointed to an agreement made in August. Reuters wrote that Anthropic agreed then to spend $45 billion renting AI cloud computing capacity from the same campus. Crypto Briefing described that earlier arrangement as a six-year deal covering about 460 megawatts.
Status of the talks
Crypto Briefing reported that the deal could be finalized within days, while noting that discussions are continuing and terms could change. Reuters likewise said details of the agreement could change. The two outlets differ slightly on company responses: Reuters said Anthropic did not immediately respond to its request for comment, while Crypto Briefing said both companies declined to comment.
Nscale's finances and IPO
According to Crypto Briefing, 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. The outlet said the company reported total active and contracted value of $103.4 billion as of August 31, including up to $43.8 billion in agreements with Microsoft and up to about $44.6 billion with Anthropic. Reuters similarly reported that Nscale's total contracted value has 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 also reported that Nscale is said to be seeking a valuation of around $30 billion. It gave first-half 2026 revenue of $140.6 million, compared with $10.4 million a year earlier, and a net loss of $1.02 billion. The outlet added that Nscale has said it has not yet secured binding financing for the GPUs and data centers its contracts require.
Microsoft and project delays
Reuters reported that Microsoft pulled out of a deal to anchor a flagship Nscale data center after delays in connecting power pushed the expected date for supply into the 2030s. Crypto Briefing also said Nscale's flagship United Kingdom project faces grid delays projected to extend into the 2030s.
Market backdrop
Reuters noted that Bloomberg had reported some investors urging Anthropic to lower its IPO valuation target after a run of setbacks for AI companies. Reuters added that investors are examining firms that depend heavily on debt to fund AI infrastructure, and that shares of CoreWeave fell last week over concerns about its $50 billion debt load.
Neither outlet reported that a final agreement had been signed.
Sources
- Nvidia-backed Nscale, Anthropic in talks for new $45 billion AI cloud deal, source says (The Star, 2026-10-20)
- 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.