Anthropic and AI infrastructure provider Nscale are reportedly negotiating a second massive compute deal worth $45 billion, Bloomberg reported, citing people familiar with the matter. The agreement comes barely a month after the two companies announced their first $45 billion partnership, signaling the extraordinary scale of infrastructure investment flowing into the AI sector.
The sources cautioned that talks are still underway and details could change. Both Anthropic and Nscale are also currently pursuing initial public offerings. Anthropic is still expected to go public this year, while Nscale is seeking to list despite reportedly facing investor pushback over its proposed $30 billion valuation.
The massive capital being committed to AI compute has alarmed some investors who worry that companies are spending too much for too little near-term profit. Anthropic has pressed forward regardless, driven by the belief that securing compute capacity now will pay off as demand for its Claude models continues to grow.
The deal underscores a broader trend: frontier AI labs are locking in enormous compute commitments years in advance, treating infrastructure access as a strategic moat. For Nscale, the repeated partnership with Anthropic validates its position as a key player in the AI infrastructure supply chain, even as questions linger about the sector's long-term profitability.
