Anthropic has signed a multi-year agreement to rent approximately $45 billion in AI computing capacity from British AI infrastructure provider Nscale, according to a source familiar with the matter. The six-year deal, first reported by Bloomberg, will draw on Nscale’s flagship data center in West Virginia and use Nvidia’s next-generation Vera Rubin chip system, with compute capacity expected to begin supporting Anthropic’s services in late 2027.
The agreement is part of Anthropic's aggressive infrastructure push as it races against OpenAI and other AI developers. Nscale, founded only in 2024, has already secured deals with major technology players including Microsoft. The West Virginia campus will involve roughly 460 megawatts of infrastructure, making it one of Anthropic's largest compute commitments to date.
Anthropic has been expanding compute capacity rapidly. Earlier in August, it signed a $10 billion six-year cloud deal with Volta for capacity from a Norwegian data center. In July, the company announced a $5 billion compute-related agreement with AMD, and in May it disclosed a large computing partnership with SpaceX reportedly worth about $1.25 billion per month in capacity from two data centers. In April, Anthropic expanded its Amazon partnership to access an additional five gigawatts of compute and deepened ties with Google and Broadcom.
Separately, The Wall Street Journal reported that Anthropic is preparing investor materials that pitch a total addressable market exceeding $30 trillion, above SpaceX’s IPO-era estimate of $28.5 trillion. People familiar with the discussions say Anthropic could seek a valuation as high as $2 trillion and raise as much as $100 billion, though the figures remain under discussion and could change. The company is expected to release financial-disclosure documents within weeks, potentially setting up a public offering as early as September or October.
Anthropic’s revenue projections are also aggressive: the company reportedly expects revenue of about $190 billion to $200 billion in 2028, compared with an annualized run rate above $65 billion by the end of July, up from $47 billion in May and roughly $9 billion at the end of 2025. Growth has been driven partly by enterprise adoption and demand for Claude Code.
If Anthropic reaches a $2 trillion valuation and raises close to $100 billion, it could surpass SpaceX’s record June IPO, which raised approximately $86.2 billion after the overallotment option at a valuation of about $1.77 trillion. The reported $30 trillion TAM is more than 12 times the combined annual revenue of the 191 technology companies in the S&P 1500, underscoring how much of the valuation debate rests on long-term AI adoption assumptions.
