Anthropic Is in Talks for Another $45 Billion AI Deal. Nvidia Could Be a Big Winner.
Anthropic’s proposed $45 billion Nscale expansion could help fuel its growth, but it also adds another enormous bill ahead of its anticipated IPO.
Anthropic, the company behind the AI chatbot Claude, is reportedly in discussions with the British neocloud provider Nscale to expand an existing deal, potentially adding $45 billion in contract value, as both firms prepare for public listing. The AI lab is considering renting compute capacity in a second Monarch data center building in West Virginia, which would grant it access to Nvidia's newest Vera Rubin chips and the right to a proposed third Monarch expansion.
This deal would increase Anthropic's total Nscale commitment to around $90 billion. However, Nscale's growth is heavily reliant on a few major clients, namely Microsoft and Anthropic itself, raising concerns about its concentration risk. Microsoft recently abandoned plans for an Nscale data center in England due to significant power connection delays, hinting at the fragility of Nscale's positions and limited power with larger companies.
Meanwhile, Anthropic is gearing up for one of the largest IPOs ever, possibly surpassing the recent SpaceX listing. The company aims for an IPO in November, with a valuation between $1.5 trillion and $2 trillion. Despite generating nearly $4.6 billion in revenue in 2025, more than double its 2024 figure, Anthropic still spent $7.33 billion on computing and infrastructure that year, resulting in a substantial operating loss of over $8 billion.
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