Anthropic Is in Talks for Another $45 Billion AI Deal. Nvidia Could Be a Big Winner.

Anthropic is negotiating a $45 billion expansion of its compute deal with Nscale, which would lift total commitment to $90 billion and add 460 megawatts of Nvidia's latest chips. The talks put NVDA at the center of another outsized AI infrastructure buildout.

The deal carries risk on the supplier side. Microsoft and Anthropic together account for 85% of Nscale's contract value. MSFT's share of that concentration makes Nscale's revenue base dependent on just two counterparties, and any pullback by either would hit the pipeline hard.

Anthropic's own numbers explain the appetite. The company booked $4.6 billion in revenue in 2025 and $16.8 billion in Q3. Against that, it spent $7.33 billion on infrastructure in 2025 and has commitments exceeding $500 billion over the next decade, all ahead of an anticipated IPO. Interpretation: spending is running far ahead of current revenue, so the IPO likely matters as a funding event for these obligations.

For NVDA, the read is straightforward. A 460-megawatt addition of its latest chips is a quantified demand signal tied to a single customer relationship, though it sits behind a third-party intermediary with heavy concentration.