is in talks to secure a second major artificial intelligence computing deal with Nscale, potentially worth about $45 billion, as the Claude maker races to expand its computing capacity ahead of a possible initial public offering. The proposed agreement would cover a second 460-megawatt data centre at Nscale’s Monarch campus in West Virginia, strengthening the UK-based infrastructure start-up’s prospects as it prepares for a planned US stock market debut.
The discussions, reported by Bloomberg and the Financial Times, have not resulted in a final agreement. People familiar with the negotiations said the terms could change, with due diligence on the proposed facility still under way.
for computing infrastructure worth as much as $44.6 billion, according to documents filed for its planned IPO. A second contract would significantly expand the relationship between the two companies.
Anthropic-Nscale deal could add 460MW of AI computing capacity
The proposed facility would form part of Nscale’s Monarch data centre campus in West Virginia and use Nvidia’s advanced Vera Rubin AI chips, according to people familiar with the discussions.
Anthropic would purchase computing capacity rather than lease the data centre itself. Under this arrangement, Nscale would own and operate the facility and its chips, supplying computing power that Anthropic would pay for as it becomes available.
Anthropic also holds a right of first refusal on the campus’s planned third building, potentially giving it priority in securing additional capacity as demand for its AI models grows.
The proposed expansion comes as Anthropic builds a network of infrastructure agreements to support its Claude models. The company has also signed a $50 billion agreement with Fluidstack, a $10 billion deal with Volta Infrastructure Holdings and a $45 billion computing agreement with SpaceX, according to the supplied reports.
Nscale IPO plans face scrutiny over costs and financing
A second major Anthropic contract could strengthen Nscale’s case to investors as it seeks a valuation of about $30 billion for its planned IPO, with other reports putting its target at around $35 billion.
The company, backed by Nvidia, raised $3.36 billion in a pre-IPO financing round last month. Investors included Dan Loeb’s Third Point, Nvidia, Apollo Global Management, Citadel, Hudson Bay Capital and the Abu Dhabi Investment Council.
However, Nscale faces questions about the financial and operational demands of its expansion. It reported a net loss of $1 billion on revenue of $141 million in the first half of 2026. ByteDance, the Chinese company that owns TikTok, accounted for 73% of Nscale’s $33 million in revenue last year.
The company has also yet to secure financing for its first Anthropic contract. Its September IPO prospectus disclosed that it had no binding commitments for the funding required to construct the site at that point. Anthropic can withdraw if financing is not secured by a specified deadline.
Nscale filed publicly for a US listing in September but has not begun formal IPO marketing while it addresses comments from the US Securities and Exchange Commission.
Anthropic expands AI infrastructure ahead of potential IPO
portrays the infrastructural demands of developing and operating increasingly capable AI models. Dario Amodei’s company has secured agreements with multiple providers as it prepares for a possible IPO of its own.
The additional Nscale facility would provide more capacity, but the proposed contract remains subject to negotiations, due diligence and the completion of financing and construction arrangements.
For Nscale, a second multibillion-dollar agreement with Anthropic could offer a substantial source of future demand. Yet the company must still demonstrate that it can finance, build and power its data centres on schedule.
The outcome will matter to both companies as they seek to expand in a market where demand for AI computing is rising alongside investor scrutiny of the debt, capital expenditure and execution risks associated with the data centre boom.
(With Bloomberg inputs)