Anthropic and Nscale are negotiating a second $45 billion compute deal — just weeks after closing their first one. Bloomberg, citing people familiar with the matter, reports the talks are advanced but not final. Terms could still change. Neither company has confirmed the discussions.
The first $45 billion agreement, announced in early September 2026, was already among the largest AI infrastructure commitments ever disclosed. A second of identical size would bring Anthropic’s total committed compute spend with Nscale to $90 billion in under two months. That scale is drawing investor scrutiny. Some are questioning whether such massive capital outlays, with no public revenue figures or path to profitability from Anthropic, make financial sense.
The concern is heightened by Nscale’s own IPO ambitions: Bloomberg reported Monday that investors are pushing back against its proposed $30 billion valuation. Anthropic remains on track for a 2026 IPO, per TechCrunch. But the timing now hinges on both market appetite for unprofitable AI firms and whether this second deal closes.
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