London-based AI infrastructure firm Nscale is in negotiations to sell cloud computing power to Anthropic in a deal valued at approximately $45 billion. The discussions focus on expanding the Monarch Compute Campus located in West Virginia.
In August 2026, Anthropic signed a separate agreement with Nscale worth $44.6 billion for 460 megawatts of capacity over six years using Nvidia Vera Rubin chips. As of September 2026, Nscale reported a total contracted backlog of roughly $103.4 billion.
Microsoft and Anthropic account for approximately 85% of the company's total backlog. However, only $2.6 billion of this contracted revenue was operational as of late August 2026, as the majority depends on future data center and power infrastructure.
Nscale, founded in 2024, has raised over $3.7 billion from investors including Nvidia. The company filed for a US IPO in September 2026, targeting a valuation of about $35 billion.
