Nvidia is in talks to guarantee billions of dollars in debt that Nscale would raise to build out its West Virginia data center campus for Anthropic, according to a Thursday report from The Information. The credit support would help pay for power infrastructure and construction at the site, which Anthropic plans to use.
No deal has been signed, and the terms could still change. The size of the guarantee has not been disclosed. Nvidia, Nscale and Anthropic did not immediately respond to requests for comment on the report.
Nvidia is already an investor in Nscale, a UK-based AI cloud provider. A credit guarantee means the guarantor repays if the borrower cannot, which can lower Nscale's interest costs and let lenders extend more funding for the build.
Key facts
- 01Nvidia is in talks to guarantee billions of dollars in Nscale debt for a West Virginia data center Anthropic plans to use.
- 02Anthropic agreed in August to spend $45 billion renting compute from Nscale's West Virginia campus.
- 03Nscale is negotiating a separate 460MW deal with Anthropic that could be worth about another $45 billion.
- 04Nvidia guaranteed about $860 million of Nscale's Texas lease obligations in October 2025.
- 05Nscale's September 18 S-1 showed $103.4 billion in total contracted value and $2.6 billion in active revenue.
The West Virginia campus sits at the center of Nscale's relationship with Anthropic. In August, Anthropic agreed to spend $45 billion renting computing power from the site. Nscale is also in talks to sell Anthropic about 460 megawatts of additional AI computing capacity in a separate deal that could be worth roughly another $45 billion.
The campus, called Monarch, is being built in phases. The guarantee under discussion would back a second 460-megawatt phase. The first phase anchors Anthropic's six-year compute agreement with Nscale and is expected to come online in late 2027 on Nvidia's Vera Rubin chips.
This would not be Nvidia's first backstop for Nscale. Nvidia guaranteed about $860 million of Nscale's Texas lease obligations in October 2025. In its July 2026 10-Q, Nvidia disclosed up to $164.5 billion in customer-support commitments.
Nscale's own filings show the size of its order book. Its September 18 S-1 listed $103.4 billion in total contracted value and $2.6 billion in active revenue. In August, Nscale closed roughly $3 billion in senior secured delayed-draw term loan facilities, and it is now preparing an IPO in which some investors have pushed back on a $30 billion valuation target.
Nvidia CEO Jensen Huang has been pressing Nscale to move faster. Huang recently told the company to work around the clock and get some of its data centers operational as soon as possible.
The talks come as financing for Nvidia-backed AI cloud providers draws closer scrutiny. CoreWeave and Firmus have both faced concerns about the debt behind their buildouts, and Firmus has abandoned plans for a $30 billion IPO.
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