What is the proposed Nscale and Anthropic AI cloud deal?

Nscale is discussing a second deal with Anthropic for AI computing capacity at another building on its Monarch campus in West Virginia. The arrangement could be worth about $45 billion, matching the value of Anthropic’s August agreement to rent capacity from the campus.

How much computing power would Nscale’s proposed second Monarch facility provide?

The second Monarch building would deliver 460 megawatts of computing power and use Nvidia’s Vera Rubin AI chips. Anthropic would also hold the right of first refusal on the campus’s expected third building.

Why are investors scrutinizing AI infrastructure companies such as Nscale and CoreWeave?

Investors are increasingly focused on debt-driven AI infrastructure expansion. Concerns about CoreWeave’s $50 billion debt load contributed to a sharp drop in its shares and a global selloff in AI stocks, while Microsoft’s withdrawal from an Nscale data-center deal highlighted power-connection risks.

Nvidia-backed Nscale, Anthropic in talks for new $45 bil. AI cloud deal, source says

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Summary

Nscale is in talks to sell Anthropic about $45 billion in AI computing capacity at a second facility at its Monarch data center campus in West Virginia. The proposed building would provide 460 megawatts of computing power using Nvidia Vera Rubin chips. Anthropic has first-refusal rights on a possible third Monarch building, while discussions remain subject to change.

Key Facts

Anthropic agreed in August to spend $45 billion renting AI cloud computing power from Nscale’s West Virginia campus.
Microsoft withdrew from a deal to anchor an Nscale flagship data center after power connection delays pushed the expected supply date into the 2030s.
Nscale increased its total contracted value from $100 million to more than $103 billion in two-and-a-half years.
Nscale’s prospectus identifies Microsoft and Anthropic as expected major customers in the future.

By Reuters

Published Oct 20, 2026 4:30 pm KST

Nscale logo is seen in this illustration taken, Sept. 5. Reuters-Yonhap

Nscale is in talks to sell AI computing power to Claude maker Anthropic in a new deal that could be worth about $45 billion, a person familiar with the matter told Reuters on Monday.

The data center developer is seeking another major deal with the AI lab for a second facility at its Monarch data center campus in West Virginia, the person said.

In August, Anthropic struck a deal to spend $45 billion to rent AI cloud computing power from Nscale's West Virginia data center campus. A second Monarch building would deliver 460 megawatts of computing power using Nvidia's advanced Vera Rubin AI chips, according to the source.

Anthropic did not immediately respond to a Reuters request for comment.

Anthropic also has the right of first refusal on Monarch's expected third building, the person said, adding discussions were ongoing and details of the plan could change.

Bloomberg, which first reported the news, also said a cohort of investors had urged Anthropic to lower its IPO valuation target after a series of market setbacks for AI companies.

Anthropic logo and a keyboard in this illustration taken Oct. 19 / Reuters-Yonhap

Investors have sharpened scrutiny of companies that are increasingly turning to debt-driven AI infrastructure expansion. Last week, Nscale rival CoreWeave's shares slumped amid concerns over its $50 billion debt load, fueling a global selloff in AI stocks.

The news of a potential tie-up comes after Microsoft pulled out of a deal to anchor a flagship data center for Nscale following power connection delays that pushed its expected supply date into the 2030s.

Nscale has grown rapidly since launch, increasing its total contracted value from $100 million to more than $103 billion in two-and-a-half years and competing with Nebius, Crusoe and Lambda.

According to the Nscale prospectus, Microsoft and Anthropic are expected to be the company's major customers in the future.

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