AI start-up Anthropic is nearing a second multibillion-dollar deal with UK data centre group Nscale, as the infrastructure provider seeks to shore up confidence ahead of a planned $35bn IPO in New York. The deal would roughly double Anthropic's commitment to buy computing power from Nscale and cover a second 460-megawatt data centre on Nscale's Monarch campus in West Virginia, according to people familiar with the matter. The terms are expected to resemble the $45bn agreement signed in August for the first data centre building on the site.
A second deal with Anthropic could help reassure potential investors in Nvidia-backed Nscale, whose board includes former Meta executives Sir Nick Clegg and Sheryl Sandberg, after Microsoft pulled out of a planned UK data centre and Open AI dropped a partnership in April. Nscale reported a net loss of $1bn on revenue of $141mn in the first half of 2026, with ByteDance contributing 73 per cent of its $33mn revenue last year. The additional deal has not been finalised and could fall apart, with due diligence still under way and a deal potentially signed within a few weeks.
Anthropic also holds a right of first refusal on a third building at the site. Crucial permits, including state water and air permits for the gas-fired plant powering the campus, remain pending, though a letter of intent for the air permit has been issued. Nscale has yet to secure financing for the first Anthropic contract and can walk away if funding is not in place by a set deadline.
For Anthropic, the additional computing capacity extends a web of deals to keep pace with surging demand ahead of its own IPO.
Source: Financial Times Companies · Summarized by HeadlinesBriefing