Anthropic Seeks to Secure $40 Billion in Computing Power

✦ Meridian Analysis

Anthropic is in the final stages of negotiating a macro‑scale capacity‑purchase agreement with British data‑centre operator Nscale, a deal that would lock in roughly $45 billion (about €40 billion) of compute resources for the AI firm. The contract would add 460 megawatts of power equipped with Nvidia’s Vera Rubin GPUs at Nscale’s West Virginia campus and grants Anthropic a right of first refusal on a third centre in the same complex. The arrangement expands an existing Anthropic‑Nscale relationship that already carries a valuation of about $44.6 billion, and it is expected to close within days, according to Bloomberg. From a project‑finance perspective the transaction is a long‑term infrastructure procurement, where Anthropic acts as the off‑taker securing the asset’s output, while Nscale supplies the underlying data‑centre capacity; Nvidia’s involvement as a backer of Nscale adds a technology‑partner dimension, and the agreement is being discussed ahead of Anthropic’s anticipated IPO in November. Nscale’s ability to secure a contract of this magnitude, backed by Nvidia, reinforces its positioning ahead of a planned Wall Street debut that Bloomberg values near $30 billion. The transaction follows Nscale’s recent €2.9 billion pre‑IPO convertible raise reported by Meridian on 25 September, and it arrives after Anthropic’s own financing round with Blackstone, which delivered double‑digit‑yield debt in mid‑October. What remains undisclosed are the precise pricing terms, any equity component tied to the right of first refusal, and the structure of any ancillary financing that may accompany the contract. Observers will watch for the final signing timetable, the involvement of any senior lenders, and whether the agreement influences Anthropic’s IPO pricing or timing.

The Meridian Weekly