Anthropic, Nscale in talks on second $45B compute deal

Anthropic is in talks to buy about $45 billion more in AI computing power from Nscale, Bloomberg reported on October 19, 2026. It would be the second deal of that size between them in about two months. It would also come as Nscale tries to sell its stock market listing to doubtful investors.

What the talks cover

Nscale is a UK company that builds data centers and rents out the AI chips inside them. The new deal would cover a second building at its Monarch campus in West Virginia, a person familiar with the matter told Reuters. That building would deliver 460 megawatts of computing power using Nvidia's Vera Rubin AI chips.

A megawatt here measures the electricity a data center can draw. Capacity in the hundreds of megawatts means many thousands of chips running at once.

Anthropic, the company behind the Claude models, would also get first refusal on a planned third Monarch building. First refusal means Nscale must offer that capacity to Anthropic before anyone else.

Nothing is signed yet. TechCrunch says Bloomberg's sources described the two companies as close to an announcement. Those sources also warned that "talks are still underway and that the details could change." Investing.com, citing Bloomberg, says a deal could be finalized within days. Representatives of both companies declined to comment to Bloomberg.

How it fits with the first deal

The two companies already have a large agreement. In August, Anthropic agreed to spend $45 billion to rent computing power at Nscale's West Virginia campus, Reuters reports. A regulatory filing for Nscale's planned listing puts its agreements with Anthropic at as much as $44.6 billion.

Item	First deal	Deal under discussion
When	Agreed in August 2026	Reported October 19, 2026
Value	$45 billion	About $45 billion
Site	Monarch campus, West Virginia	Second Monarch building
Chips	Not stated in these reports	Nvidia Vera Rubin, 460 MW
Status	Agreed	In talks, terms could change

TechCrunch calls the talks the latest in a long string of very large computing deals Anthropic has struck over the past year. Anthropic is also still expected to go public this year, it adds.

Why the timing matters for Nscale

Nscale wants a valuation of roughly $30 billion when it lists its shares. Some investors have argued for $16 billion to $19 billion instead. A second Anthropic deal could strengthen its pitch, Investing.com notes.

The company has had setbacks. Microsoft pulled out of a deal to anchor a flagship Nscale data center after power delays pushed supply into the 2030s, Reuters reports. Investors are also wary of debt-funded data center builders. CoreWeave, a similar company, saw its shares slump last week over its $50 billion debt load.

On paper, Nscale has grown fast. Its total contracted value rose from $100 million to more than $103 billion in two and a half years, according to Reuters. Its listing documents name Microsoft and Anthropic as major customers.

What this means for developers

For teams that build on Claude, more Anthropic capacity is the main thing to watch. For anyone renting AI chips, the deal shows how concentrated the market is becoming.

• Expect capacity later, not now. A new building on a campus still under construction adds power over years. Do not plan around new Claude rate limits from this news.
• Note the chip generation. The talks name Nvidia's Vera Rubin chips. Capacity built on them points to where Anthropic expects to run future models.
• Check your provider's customer mix. Microsoft and Anthropic dominate Nscale's contracts. If you rent from a neocloud, ask how much depends on one or two buyers.
• Wait for a signed deal. Sources say terms could change. Treat the $45 billion figure as a report until either company confirms it.