Nvidia in talks to guarantee Nscale debt for Anthropic data centre

The guarantee on the table

The proposed guarantee would help Nscale secure financing for electricity and construction costs at its West Virginia campus, according to The Information. Under a residual value guarantee, Nvidia would step in if Nscale defaulted on construction payments, temporarily take over the facility and help find a buyer and new tenant. Bloomberg corroborated the report; no agreement has been signed and terms could change. Nvidia's earlier support for cloud providers has mostly covered leases and chip purchases, not construction, TechCrunch reported.

The tenant and the contract

Anthropic has signed a $44.6bn contract for the first building at the campus, according to Nscale's IPO filing. TechCrunch reported the building covers 460MW, is expected to use Nvidia's Vera Rubin chips, and that the companies are discussing a separate second deal worth roughly $45bn for another building. The first contract alone is larger than the top of Nscale's targeted IPO valuation of up to $35bn.

TechCrunch reported that Anthropic is one of the largest buyers of AI computing power and has spread its infrastructure spending across multiple chipmakers. One investor told The Information that Anthropic's involvement likely explains Nvidia's interest in keeping the project on track.

Nvidia's credit support

Nvidia has extended roughly $170bn in investments and credit support to neoclouds and large customers, The Information reported. That includes $1bn in convertible financing committed to Nscale in September. Data Center Dynamics reported that Nscale filed for an IPO in September 2026 and raised $3.36bn in private funding later that month.

Nscale's buildout

TechCrunch reported that Nscale had about 25,000 advanced AI chips running in August, a fraction of the nearly 500,000 it plans to deploy, and that runoff from its West Virginia construction site has flooded nearby homes more than once. The project won state certification in September after months of negotiations, according to the report.

In October, Microsoft pulled out of a planned Nscale site in England after grid power for the project was pushed into the 2030s, TechCrunch reported.

What happens next

Anthropic filed to go public this week, TechCrunch reported. Blackstone has warned investors that Anthropic may receive a below-investment-grade credit rating after its IPO, according to the same report. A junk rating would raise Anthropic's borrowing costs and could leave it relying on stronger partners to back its debt.