Anthropic might announce another $45B compute deal with Nscale
What's the story
Anthropic and AI infrastructure provider Nscale are in talks for a second $45 billion compute deal. The information comes from Bloomberg, which cited sources familiar with the matter. However, these sources have cautioned that the discussions are still ongoing and details could change. If finalized, this would be another major compute deal for Anthropic over the past year.
Investor apprehension
Investor concerns over AI compute deal spending
The massive investments in AI compute deals have raised concerns among some investors. They fear that companies are spending too much for little profit.
Despite these fears, Anthropic has continued to pursue such partnerships, believing they will eventually pay off.
Both companies are also preparing for their initial public offerings (IPOs), with Anthropic still expected to go public this year.
IPO challenges
Nscale's IPO and funding challenges
Nscale, which is also looking to go public, has faced investor pushback over its proposed $30 billion valuation.
The company recently raised $3.36 billion in a pre-IPO financing round.
Investors included Third Point, Citadel, Hudson Bay Capital and Abu Dhabi Investment Council.
However, Nscale has yet to secure financing for its first Anthropic contract and filed publicly for a US listing in September.
Financial overview
Financials and client diversification issues
In the first half of 2026, Nscale reported a net loss of $1 billion on revenue of $141 million.
Notably, ByteDance, the Chinese parent company of TikTok, accounted for 73% of Nscale's revenue last year.
This heavy reliance on a single client raises questions about the company's financial stability and diversification strategy in an increasingly competitive market.