Nvidia in Talks to Guarantee Nscale Debt for Anthropic Data Center; AM Intelligence Seeks $3 Billion

NVDA is in talks to offer AI cloud provider Nscale billions of dollars in credit guarantees to support debt funding for a data center earmarked for Anthropic, The Information reported, according to Reuters. The credit support would help fund power infrastructure and construction of Nscale's West Virginia site. The deal has not been signed, terms could still change and the size of the guarantees was not disclosed. Nvidia is already an investor in the UK-based Nscale.

Two Anthropic deals of similar size are in play. Anthropic struck a deal in August to spend $45 billion renting computing power at Nscale's West Virginia campus, and Nscale is also in talks to sell it about 460 megawatts in another deal that could be worth about $45 billion. Reuters does not say which one the guarantees would back; Investinglive links them to a 460-megawatt facility, which a Reuters source said would use Nvidia's Vera Rubin chips.

If agreed, the guarantees would make Nvidia chip supplier, equity investor and debt backer in the same deal chain, Investinglive noted, echoing criticism after Anthropic's $35 billion Lambda deal that Nvidia was underwriting demand for its own chips. Reuters added that Nvidia-backed CRWV and Firmus have been hit by concerns about the debt financing behind the AI build-out. Nscale filed for a US IPO in September targeting a valuation of about $30 billion and recently closed a pre-IPO round of about $3.4 billion led by Third Point.

Separately, AM Intelligence, a Hyderabad-based firm owned by the founders of Greenko, plans to raise up to $3 billion through bond issues and bank loans to buy Nvidia's Rubin GPUs, Bloomberg reported, per CNBC. It expects $300 million in advance payments from potential offtakers. In an Oct. 5 release it said it would invest $6 billion in 100 MW of capacity across Malaysia and India, buying 29,000 Rubin chips. AM Intelligence is a customer raising its own debt; no source says Nvidia is financing it.

Watch whether the Nscale guarantees are signed and how large they are, which Anthropic contract they support, and how AM Intelligence splits its raise between bonds and loans. No source reported an Nvidia share-price move on either item.