Nscale and Anthropic are negotiating a $45-billion AI infrastructure deal

AI data center developer Nscale and artificial intelligence company Anthropic are negotiating a deal worth approximately $45 billion. According to Bloomberg News, the agreement would allow Anthropic to lease additional computing capacity at Nscale's West Virginia data center.

Nvidia-backed Nscale is reportedly seeking to finalize a second major agreement with Anthropic. The project envisions developing a second building within the Monarch data center complex.

In August, Anthropic already agreed to lease $45 billion worth of AI cloud computing capacity from Nscale's West Virginia center. Under the current plan, the new building will include 460 megawatts of computing infrastructure and will use Nvidia's advanced Vera Rubin AI chips.

According to Bloomberg, Anthropic also holds a right of first refusal on a third, planned building within the Monarch complex. However, negotiations are still ongoing and the terms of the agreement may change. Nscale and Anthropic did not immediately comment on the reports, and Reuters was unable to independently verify them.

AI Infrastructure Financing in the Investor Spotlight

The potential deal comes at a time when investors are paying closer attention to the rapid expansion of AI infrastructure and the growing use of debt to finance it.

Last week, shares of Nscale competitor CoreWeave fell sharply as market concerns intensified over the company's roughly $50 billion in debt, contributing to a broader sell-off in AI sector stocks.

Meanwhile, according to Bloomberg News, some of Anthropic's investors are advising the company to lower its planned IPO valuation. Their position comes amid recent declines in AI company shares and heightened assessments of financing risk across the sector.

Microsoft Pulls Out of Nscale Project

The new deal is especially significant for Nscale after Microsoft declined to serve as the anchor customer at one of the company's major data centers. The decision was driven by delays in grid connection, which mean the necessary power supply may not be available until the 2030s.

Despite this setback, Nscale is growing rapidly. According to the company's prospectus, the total value of its contracted commitments grew from $100 million to more than $103 billion over two and a half years.

The company competes with players such as Nebius, Crusoe, and Lambda. Nscale expects Microsoft and Anthropic to remain significant customers going forward.