Nscale is reportedly negotiating a $45 billion AI computing agreement with Anthropic, a potential deal that could strengthen the Nvidia-backed data center developer’s ambitions for a $30 billion valuation in its upcoming initial public offering (IPO).
According to Bloomberg News, the proposed agreement would expand Anthropic’s access to advanced AI infrastructure at Nscale’s Monarch data center campus in West Virginia. The negotiations could conclude within days, although the final terms remain subject to change.
The planned expansion involves a second building at the Monarch campus, designed to provide 460 megawatts of AI computing capacity using Nvidia’s next-generation Vera Rubin chips. The facility would support Anthropic’s growing demand for high-performance computing infrastructure as competition among artificial intelligence developers intensifies.
Anthropic, the company behind the Claude AI chatbot, already holds infrastructure agreements with Nscale valued at up to $44.6 billion, according to regulatory documents associated with Nscale’s planned IPO.
Bloomberg also reported that Anthropic has secured a right of first refusal for a proposed third building at the West Virginia campus, potentially positioning the AI developer for further infrastructure expansion.
The potential $45 billion agreement comes amid increasing investor scrutiny of the rapidly expanding AI data center industry. Companies are committing billions of dollars to computing infrastructure while facing questions about financing costs, profitability and long-term returns.
CoreWeave (NASDAQ: CRWV), another major AI cloud infrastructure provider, has encountered similar concerns surrounding debt-financed expansion, substantial capital expenditures and its ability to generate sustainable profits.
For Nscale, securing another major Anthropic contract could improve investor confidence ahead of its anticipated public listing. However, the company would still need significant upfront financing to construct additional facilities, acquire advanced Nvidia chips and secure sufficient electricity supplies.
Importantly, Nscale’s multibillion-dollar agreements represent future revenue commitments rather than immediate cash inflows, making project execution and financing critical to its long-term financial performance.
Investors will likely monitor construction progress, power availability, infrastructure deployment and revenue generation to evaluate whether Nscale can transform its growing contract backlog into sustainable cash flow.
Representatives for Nscale and Anthropic declined to comment on the reported negotiations, according to Bloomberg.
