Nscale, the Nvidia-backed data center developer, is in talks to secure a computing deal worth approximately USD 45 billion with Anthropic.

The potential agreement could bolster the company's bid for a roughly USD 30 billion valuation in its planned initial public offering.

A USD 45 billion agreement in the works

The proposed deal would cover a second building at Nscale's Monarch data center campus in West Virginia. It would deliver 460 megawatts of computing capacity powered by Nvidia's next-generation Vera Rubin AI chips.

A deal could be finalized within days, though the report noted that discussions remain ongoing and terms could change.

Existing ties between the two companies

Anthropic already has infrastructure agreements with Nscale worth as much as USD 44.6 billion, according to a regulatory filing for Nscale's IPO. The Claude developer also holds a right of first refusal on the campus's anticipated third building, according to a report.

If finalized, the new USD 45 billion agreement would add to what is already a substantial commercial relationship between the AI lab and the data center developer.

Investor scrutiny of AI infrastructure economics

The potential deal arrives as investors closely examine the economics of the AI infrastructure boom. CoreWeave, a leading AI cloud provider, has faced concerns over its debt-funded expansion, heavy capital spending, and its ability to generate sufficient returns on its infrastructure investments.

Nscale faces similar questions about financing and execution. Its multibillion-dollar contracts represent future commitments rather than cash already collected, while building the data centers and securing the power needed to operate them require substantial upfront investment.

The company's ability to deliver the promised capacity and convert its growing backlog into sustainable cash flow remains a key consideration for prospective investors.

What the deal could mean for the IPO

For Nscale, another major Anthropic agreement could strengthen its IPO pitch as the company seeks a valuation of roughly USD 30 billion in its planned offering. The talks come at a moment when the company is preparing to make its case to public market investors, with the proposed deal potentially signaling continued momentum in its order book.

At the same time, the economics of translating contracted commitments into revenue will need to be weighed against the considerable capital requirements of data center construction and power procurement, factors that analysts and investors are increasingly applying to companies across the AI infrastructure sector.

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