Anthropic Is in Talks for Another $45 Billion AI Deal. Nvidia Could Be a Big Winner.

Anthropic, the company that makes Claude, is reportedly talking with Nscale, a British company that provides computing power through data centers, about expanding a huge existing deal. The new agreement could add about $45 billion in contract value as both companies prepare to go public in the coming months.

Anthropic's deal with Nscale could reach $90 billion

CNBC reported this morning that Anthropic, a leading AI research company, is talking about renting computing power in a second building at Monarch, Nscale's data center campus in West Virginia. The deal would give Anthropic access to another 460 megawatts of computing power using Nvidia's newest Vera Rubin chips. It would also give Anthropic the first chance to agree to a deal for a planned third building at Monarch before other companies could.

The deal has not been finalized. If it goes ahead, Anthropic's total commitment to Nscale would rise to about $90 billion.

Nscale's growth comes with major risks from relying on a few customers

With support from Nvidia, Nscale is a fast-growing "neocloud" company. This means it provides computing power for AI, much like a large cloud-computing company, but with a smaller, more focused business. Nscale filed to sell shares to the public in the United States in September.

However, its growth comes with some important risks. Microsoft and Anthropic together account for about 85% of the total value of its contracts. This means Nscale depends heavily on just two customers.

Microsoft recently pulled out of a planned Nscale data center in Loughton, England, because delays in connecting it to the power grid pushed the expected availability of electricity into the 2030s. Microsoft told investors that the problem was limited to that particular site and that its other commitments were still in place. Even so, this shows how uncertain Nscale's position can be and how little power it has when dealing with the much larger companies it depends on.

Anthropic's IPO puts its spending under scrutiny

The proposed expansion comes as Anthropic prepares for what could be the biggest initial public offering (IPO) in history. It could be larger than the recent record-setting SpaceX (SPCX -0.49%) IPO. Anthropic is reportedly aiming to list its shares in November, with a possible company valuation of $1.5 trillion to $2 trillion. However, no firm date has been set.

According to Reuters, which reviewed Anthropic's draft IPO prospectus, the company's revenue reached about $4.6 billion in 2025, around 12 times its 2024 revenue. More recently, its sales for the third quarter were reported to have reached $16.8 billion, a 45% increase from the previous quarter.

Growing a business like this takes a lot of money, and delivering such fast growth is expensive. Anthropic spent $7.33 billion on computing power and infrastructure in 2025 and reported an operating loss of more than $8 billion. Over the next 10 years, Anthropic has committed to spending more than $500 billion on deals like this one.

The company says it made a positive adjusted profit in the second quarter. That is an encouraging sign, but until the company releases its full financial statements, checked by independent auditors, this claim should be treated with caution. The exact meaning of "adjusted" profit matters a great deal.

The planned expansion with Nscale is worth watching. It could give Anthropic the computing power it needs to grow. But it would also add another huge financial commitment to an already very long list of commitments that Anthropic will somehow need to pay for.