Anthropic is negotiating a second deal with AI infrastructure provider Nscale that could be worth about $45 billion, potentially adding 460 megawatts of computing capacity at a West Virginia data center campus. The proposed agreement would follow a similar $45 billion deal signed in August. Discussions are ongoing, and the terms have not been finalized.
Anthropic, the company behind Claude, is in talks with Nscale for another multibillion-dollar agreement to secure computing capacity for its artificial intelligence systems, according to Reuters.
The proposed deal could be worth approximately $45 billion and cover a second data center at Nscale’s Monarch campus in West Virginia. The facility is expected to provide 460 megawatts of computing capacity using Nvidia’s (NASDAQ: NVDA) Vera Rubin AI chips. The negotiations remain ongoing, and the final terms could change.
The discussions come as AI companies compete to secure the computing infrastructure needed to train and operate increasingly demanding models. Anthropic’s expansion also highlights the scale of spending required to meet rising demand for its Claude products.
The potential agreement would build on a similar arrangement announced in August, when Anthropic agreed to spend about $45 billion to rent AI cloud computing capacity from Nscale’s West Virginia campus. The two agreements together could represent a major commitment to infrastructure, although the second deal has not been finalized.
Second Nscale Deal Could Expand Anthropic’s AI Computing Capacity
The proposed agreement would allow Anthropic to access computing power from another building at Nscale’s Monarch campus. Rather than leasing the data center itself, Anthropic would pay for computing capacity as it is delivered, while Nscale would own and operate the facility and its hardware.
The additional 460 megawatts would expand Anthropic’s access to infrastructure as it develops and serves AI models. Building and operating large data centers requires substantial investment in chips, cooling systems and electricity supply, making infrastructure agreements a key part of the economics of the AI industry.
Nscale is backed by Nvidia and has rapidly expanded its contracted business. Reuters reported that the company’s total contracted value had grown from $100 million to more than $103 billion in roughly two and a half years. Those contracts represent future business commitments, not revenue already received.
The proposed second facility also faces execution risks. The Financial Times reported that due diligence was still underway and that permits for the West Virginia site remained outstanding. Nscale had also not secured all financing required for the first Anthropic project as of the middle of September, according to its IPO prospectus.
Anthropic and Nscale did not comment on the negotiations in reports published Monday. The proposed deal could still change or fail to proceed.
AI Infrastructure Spending Faces Greater Investor Scrutiny
The talks come amid increased scrutiny of the financing behind the AI infrastructure boom. Data center developers must fund expensive construction and equipment purchases before all contracted computing capacity is delivered, leaving them exposed to financing costs, project delays and power constraints.
Nscale’s proposed expansion also follows Microsoft’s withdrawal from a separate plan to anchor a flagship Nscale data center project in the UK after electricity connection delays pushed the expected supply date into the 2030s. The development underscores the difficulty of securing reliable power for large AI facilities.
Investors have also raised concerns about debt levels across the sector. Reuters reported that shares of Nscale competitor CoreWeave (NASDAQ: CRWV) fell amid worries about its roughly $50 billion debt burden, contributing to a broader selloff in AI-related stocks.
Anthropic is expanding its computing commitments as it prepares for a possible public listing. The Financial Times reported that Nscale is also seeking a New York IPO and that investor confidence in the data center developer could benefit from a second large Anthropic agreement. Neither company’s future listing outcome is guaranteed.
For the broader AI market, the negotiations illustrate the growing importance of access to computing capacity. However, the financial implications will depend on whether the second agreement is completed, whether Nscale can finance and deliver the facility, and how effectively Anthropic converts additional infrastructure into commercial growth.