Just over a month ago, Anthropic and Nscale put a $45 billion compute deal on the table. Bloomberg now reports the two are on the verge of announcing another one just as large. Sources familiar with the matter say talks continue and details could still change, so nothing is final.
If it goes through, it joins a long run of giant compute agreements Anthropic has signed over the past year. Repeating a deal this size within weeks is unusual, though. It suggests Anthropic expects demand for compute to keep climbing, and it appears to be locking up capacity early.
Nscale’s September IPO filing adds context. It reported $103.4 billion in active and contracted value as of August 31, 2026, against just $2.6 billion in active contracts, and it listed Anthropic agreements worth up to $44.6 billion. The filing also said Nscale had not secured binding financing for the GPUs needed to fulfill them. Another $45 billion agreement would raise the stakes on that question, because contracts become revenue only after someone builds and powers the capacity.
Delivery has been bumpy too. Microsoft recently terminated its contract for Nscale’s planned Loughton data center in England after delays to the site’s power connection. Power, not demand, caused that delay, which shows that signing a contract and energizing a site are separate problems. Nscale says the move does not affect its other Microsoft contracts.
Investors are watching closely. Some worry that AI companies spend too much for too little profit, yet Anthropic keeps pressing ahead on the belief that it will all pay off. Both firms also want to go public. Anthropic still expects to list this year, while Nscale faces investor pushback over a proposed $30 billion valuation, Bloomberg reported on Monday.
That makes the timing interesting. A second $45 billion headline could support Nscale’s pitch to investors, but it could also sharpen their questions about financing and delivery. Until the companies confirm terms, readers should treat the figure as a report, not a result.
