Anthropic might announce another $45B compute deal with Nscale
What's the story
Anthropic and Nscale, a company that provides the computing power needed for AI, are discussing a second deal worth $45 billion. The deal would provide computing resources for Anthropic. Bloomberg reported this, citing people who know about the talks. However, these people warned that discussions are still underway and the details could change. If the deal is completed, it would be another major computing agreement for Anthropic within the past year.
Investor concerns
Investors worry about spending on AI computing deals
Some investors are worried that companies are spending huge amounts of money on AI computing but may not make enough profit in return.
Even so, Anthropic continues to make these deals because it believes they will bring benefits in the future.
Both companies are also getting ready to sell shares to the public for the first time through initial public offerings (IPOs). Anthropic is still expected to go public this year.
IPO challenges
Nscale faces challenges with its IPO and funding
Nscale is also planning to go public, but some investors have pushed back against its proposed value of $30 billion.
The company recently raised $3.36 billion in a funding round held before its planned IPO.
Investors in the round included Third Point, Citadel, Hudson Bay Capital and Abu Dhabi Investment Council.
However, Nscale has not yet secured the funding needed for its first contract with Anthropic. It filed public paperwork to list its shares in the US in September.
Financial overview
Financial problems and dependence on a few customers
In the first half of 2026, Nscale reported a net loss of $1 billion and revenue of $141 million.
Notably, ByteDance, the Chinese company that owns TikTok, provided 73% of Nscale's revenue last year.
Depending so heavily on one customer raises questions about Nscale's financial health and its plans to attract more customers in a market where competition is growing.