Nscale is negotiating a second contract of approximately US$ 45 billion with Anthropic, just two months after closing a deal of similar value with the developer of Claude. The talks, revealed by Bloomberg on Monday (19), involve the construction of a new artificial intelligence computing facility in the United States.
The project would add 460 megawatts (MW) of planned capacity to the Monarch campus in West Virginia, using systems based on the Nvidia Vera Rubin architecture. Reuters also confirmed the negotiations with a source familiar with the matter.
If the new contract is completed at the values under discussion, the commitments between the two companies could reach approximately US$ 90 billion. The amount considers the deal signed in August and the additional proposal, which has not yet been signed and may change.
Anthropic would also have a right of first refusal over a third facility planned for the Monarch campus. That right would give the company priority in contracting additional capacity, but it does not represent a definitive expansion commitment.
The new negotiation comes as Nscale prepares its initial public offering in the United States and seeks to finance a growing portfolio of infrastructure projects.
Billion-dollar contracts do not mean capacity already available
A document filed by Nscale with the Securities and Exchange Commission (SEC) on September 18 shows the difference between the volume of contracted business and the infrastructure actually in operation.
As of August 31, the company reported US$ 103.4 billion in total value of active and contracted contracts, considering long-term commercial commitments. Of that amount, only US$ 2.6 billion was classified as active on that date.
The contrast also appears in physical infrastructure. Nscale recorded approximately 461,000 GPUs active or contracted, but only 25,000 were effectively active. The company also counted five data center facilities in operation and another 12 contracted.
These indicators do not represent revenue already received nor available cash. The total contractual value gathers payments expected over the duration of the agreements, while the operational numbers show the portion of infrastructure already activated.
In the first half of 2026, Nscale recorded revenue of US$ 140.6 million and a net loss of approximately US$ 1.02 billion, according to the prospectus. The company also acknowledged the need to obtain additional financing to execute expansion commitments.
The possible contracting of another US$ 45 billion by Anthropic, therefore, would expand Nscale's commercial portfolio, but would not mean immediate availability of servers, power or financial resources to build the new facility.
Execution depends on construction, equipment supply, energy infrastructure and financing. According to the Financial Times, the Monarch project still faces issues related to permits and to obtaining the necessary resources.
Pressure on schedules became more evident after Microsoft abandoned an Nscale project in Loughton, in the United Kingdom. The decision was driven by delays in the grid connection, with power supply now expected only for the 2030s.
The British problem, however, does not mean that the Monarch campus faces the same impediment. The American project includes its own power generation and has distinct characteristics.
As of October 20, the second deal with Anthropic remained under negotiation, with no public confirmation of signature or of specific financing for the new facility.
