Nscale in Talks on Second $45 Billion Anthropic Compute Deal as Its IPO Nears

Nscale, the Nvidia-backed AI data-center developer, is in talks on a computing agreement with Anthropic worth about $45 billion, Bloomberg reported on Oct. 19, with Reuters confirming through one source. The capacity would come from a second building at Nscale's Monarch campus in West Virginia, about 460 megawatts running Nvidia Vera Rubin systems. People familiar with the talks said a deal could be finalized within days, although discussions remain ongoing and terms could change.

This would be an addition, not a first contract. Nscale's IPO filing already shows Anthropic agreements worth up to $44.6 billion, and Anthropic holds a right of first refusal on a third Monarch building. The timing matters for Nscale's listing, which targets a valuation of about $30 billion according to the reporting; other outlets have cited figures up to $35 billion.

The deal would also offset a setback. Microsoft withdrew from Nscale's planned Loughton site in Essex over the weekend, reportedly because grid power would not arrive until the 2030s, though Nscale says the relationship remains strong. Microsoft and Anthropic together account for about 85% of Nscale's contracted business per its filing, so a larger Anthropic commitment improves the revenue picture while deepening customer concentration.

For public markets, the talks are another data point on how much compute NVDA-based neoclouds are being asked to deliver, and on Anthropic's spending ahead of its own IPO. Watch for a signed contract, the final term and price, and whether Nscale's IPO range moves on the news.