Bloomberg Reports Nscale–Anthropic Deal Could Grow to Roughly $90 Billion

Bloomberg Reports Nscale–Anthropic Deal Could Grow to Roughly $90 Billion

Bloomberg reported on Monday, October 19, citing anonymous sources familiar with the negotiations, that Nvidia-backed Nscale is negotiating a new computing agreement with Anthropic worth roughly $45 billion. Neither company has confirmed the talks, and Reuters could not independently verify the report. The roughly $90 billion figure is a calculation based on what has been reported: the August agreement of about $45 billion plus the new deal reportedly under negotiation — all in the middle of an IPO process where Nscale's valuation is contested.

What is being reported

According to the Bloomberg report, which was summarized by both Reuters and PANews, the negotiations concern a second building at Nscale's Monarch data center campus in West Virginia. The building is to deliver 460 megawatts of computing power based on Nvidia's advanced Vera Rubin chips. In addition, Anthropic is said to hold a right of first refusal on a third building on the campus (PANews; Reuters via Charlotte Observer).

The sources familiar with the negotiations say the deal could be finalized "within days," but that discussions are ongoing and the terms could still change (Bloomberg via Yahoo Finance). Notably, Reuters writes that neither Nscale nor Anthropic responded to requests for comment, and that the news agency was unable to independently verify the report (Reuters via Charlotte Observer).

Background: the August deal and Nscale's contract growth

This would be the second major deal between the two companies. In August, Anthropic entered an agreement to spend roughly $45 billion leasing AI cloud computing from Nscale's campus in West Virginia (Reuters via Charlotte Observer). Nscale's regulatory filing for its IPO states that Anthropic already has infrastructure agreements with the company worth up to $44.6 billion (Investing.com via Yahoo Finance).

Nscale's total contract value has, according to the company's own figures, grown from $100 million to more than $103 billion in two and a half years. The company competes with Nebius, Crusoe and Lambda (Reuters via Charlotte Observer).

The IPO angle: a contested valuation

The report of the new deal comes in the middle of a stalled listing process. Nscale reportedly submitted a public filing for a US listing in September, but has not yet started a formal roadshow after the statutory 15-day waiting period expired, according to BigGo Finance, citing people familiar with the matter. The company is said to have originally targeted a valuation of around $30 billion, but some investors have argued for cutting it to $16–19 billion — a downward adjustment of more than 40 percent (BigGo Finance).

A finalized deal for a further $45 billion with Anthropic could strengthen Nscale's negotiating position in this dispute. However, nothing in the available source material suggests the deal guarantees any particular valuation — and the negotiations, as noted above, are neither confirmed nor final.

Anthropic's infrastructure buildout

On Anthropic's side, the report fits into a pattern of massive infrastructure commitments. Stocktwits, as a secondary source, says the company has previously entered major deals, including $50 billion with Fluidstack, $10 billion with Volta Infrastructure Holdings and $45 billion with SpaceX. These figures are not confirmed by Anthropic in the available sources (Stocktwits via Yahoo Finance).

The West Virginia site's history

The Monarch campus was originally intended to house infrastructure for Microsoft, which signed a preliminary letter of intent in March. Microsoft then withdrew from the site, which according to Stocktwits opened the way for Anthropic to secure the location (Stocktwits via Yahoo Finance).

What is confirmed — and what remains unresolved

It is useful to distinguish between three categories of information:

Documented via the IPO filing: That Anthropic already has infrastructure agreements with Nscale worth up to $44.6 billion, per the regulatory filing (Investing.com via Yahoo Finance).

Company claims: Nscale's contract growth to more than $103 billion comes from the company's own figures, as reported by Reuters (Reuters via Charlotte Observer).

Reported and unconfirmed: The new $45 billion deal, its scope (460 MW, Vera Rubin chips, second Monarch building, right of first refusal on a third), the timeline ("within days"), and Anthropic's alleged contracts with Fluidstack, Volta and SpaceX. Neither company has confirmed the negotiations, and Reuters could not independently verify the report.

If the deal is finalized on the reported terms, it would represent a significant expansion of both Nscale's contract portfolio and Anthropic's computing capacity. But until the companies themselves confirm it, it remains a rumor with market-moving potential, built on anonymous sources — not a signed agreement.