Nscale's SEC filing confirms a $44.6 billion Anthropic compute deal

Nscale's own IPO documents give a clear number for a deal that had previously only been reported in the news: Anthropic's agreements with Nscale could involve payments of up to about $44.6 billion.

On September 18, Nscale reported this figure in a Form S-1 filing with the U.S. Securities and Exchange Commission (SEC). This confirms what Bloomberg reported in late August: Anthropic is renting about 460 megawatts of computing power for AI from Nscale's Monarch campus in Mason County, West Virginia, under a six-year deal. The computers will not use chips that are available on the market today. According to a report covered by VKTR and supported by information from Energy Mag, Nscale plans to install Nvidia's next-generation Vera Rubin systems there, with deliveries expected to begin in late 2027. Anthropic is securing computing power years before it expects to need it, helping protect itself against future shortages.

The timing makes this deal especially important. Nscale is trying to list its shares on the New York Stock Exchange (NYSE) under the ticker NSCL within weeks. Its S-1 filing argues for a company value of $35 billion, based largely on contracts like this one. According to the filing, Nscale's total value of contracted business that has not yet been completed, including deals with Anthropic and Microsoft, is about $51 billion. Without the Anthropic and Microsoft agreements, there would be much less of a business left to value. That is the uncomfortable fact behind the headline number.

Nscale's filing lists agreements worth up to $43.8 billion with Microsoft and up to $44.6 billion with Anthropic. Both amounts depend on the companies actually receiving the computing capacity and the services being ready on time. When revenue linked to Nvidia is included, most of Nscale's contracted business depends on just three companies. That is not a business with many different sources of income. Instead, three customers or business partners will play a major role in deciding whether a company that is only about two years old deserves a $35 billion valuation.

Nscale's financial results also raise concerns. For the six months ending June 30, the company reported a net loss of $1.02 billion on revenue of $140.6 million. Revenue had jumped 1,252% from $10.4 million in the same period a year earlier. That is real growth, but the company also lost more than seven times the money it earned in revenue. Analysts have already pointed out that Nscale's valuation is about 22 times its contracted power capacity. That multiple looks high compared with other neocloud companies, which offer computing services using large data centers and are making similar arguments to public investors.

There is another concern about the West Virginia site itself. Microsoft previously signed a letter of intent to use the same Monarch campus, with plans for up to 1.35 gigawatts of capacity there. But Microsoft walked away from that arrangement in the summer of 2026. Anthropic is now moving into the first of three planned buildings on the 2,250-acre site, which is being developed with American Intelligence & Power Corporation. In other words, a major cloud computing company withdrew from the very site where Anthropic has now committed to spend tens of billions of dollars.

This does not mean the Anthropic deal is bad for either company. Anthropic gains another major source of computing power, bringing its total network of computing resources together with capacity linked to Amazon, Google and SpaceX. It can also tell investors preparing for an IPO that a lack of computing infrastructure should not slow the development of Claude. Nscale gains a major customer name just days before it needs to persuade investors to buy its shares. That is exactly why the $44.6 billion figure is getting so much attention now: a headline deal worth about $45 billion is useful when trying to win support from investment banks, and those banks will help decide whether Nscale can maintain its proposed $35 billion valuation.

Goldman Sachs, J.P. Morgan and Morgan Stanley are leading the IPO as the main underwriters. RBC, BofA, Deutsche Bank and several other banks are also helping manage the offering. They will examine whether Nscale's contracted business, which depends on just three major companies and on chips that have not yet been delivered, justifies the price the company is asking for. The Anthropic deal is real. Whether it gives Nscale enough credibility with public-market investors to support a $35 billion valuation remains an open question. Wall Street will help answer it in the coming weeks.