Nscale and Anthropic Reportedly in Talks for Another $45 Billion Compute Deal

Just over a month after announcing a $45 billion compute agreement, Anthropic and AI infrastructure provider Nscale may be preparing to do it all over again.

According to Bloomberg, which cites people familiar with the matter, the two companies are reportedly on the verge of announcing a second $45 billion compute deal. The sources cautioned that negotiations are still ongoing and that the terms could change.

If finalized, the agreement would mark the latest in a series of large-scale compute deals Anthropic has secured over the past year. TechCrunch has reached out to both Nscale and Anthropic for comment and will update this story if more information becomes available.

The sheer scale of spending on AI compute deals has raised concerns among some investors, who worry that companies are committing too much capital for too little return. Nevertheless, Anthropic has continued to pursue such partnerships, betting that the investments will ultimately pay off.

Both Anthropic and Nscale are also pursuing initial public offerings. Anthropic is still expected to go public this year. Nscale is likewise seeking a listing, though Bloomberg reported that the company is facing investor pushback over its proposed $30 billion valuation.

As the AI infrastructure race intensifies in 2026, multi-billion-dollar compute agreements have become a defining feature of the competitive landscape, with companies racing to secure the capacity needed to train and run increasingly powerful AI models.

via TechCrunch AI