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According to people familiar with the matter, U.S. data center developer Nscale is in talks with artificial intelligence company Anthropic over a new compute sales agreement that could be worth approximately $45 billion.
The sources said Nscale is seeking another major partnership with Anthropic aimed at building a second facility at its Monarch data center campus in West Virginia. In August of this year, Anthropic reached an agreement to spend $45 billion to rent AI cloud computing capacity from Nscale's West Virginia data center campus. According to the sources, the second building at the Monarch campus will be equipped with NVIDIA (NVDA) advanced Vera Rubin AI chips and can provide 460 megawatts of compute capacity.
According to people familiar with the matter, Anthropic also holds a right of first refusal, or priority lease right, for the third building planned at Monarch. The person added that discussions are still ongoing and planning details may still change.
Investors are increasingly scrutinizing companies that rely more and more on debt to expand artificial intelligence (AI) infrastructure. Last week, Nscale competitor CoreWeave saw its shares plunge over concerns about its $50 billion debt burden, triggering a global selloff in AI-related stocks.
Previously, Microsoft withdrew from a cooperation agreement with Nscale, under which Microsoft was originally planned to act as an anchor customer to support Nscale in building a flagship data center. The reason for the withdrawal was delays in power access, which pushed the expected delivery time of the data center to the 2030s.
Nscale has grown rapidly since its founding. In two and a half years, its total contract value has increased from $100 million to more than $103 billion. The company currently competes with firms such as Nebius (NBIS.O), Crusoe and Lambda. According to Nscale's prospectus, Microsoft and Anthropic are expected to become the company's major future customers.
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