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

Anthropic is in talks with Nscale to expand its compute deal by $45 billion, bringing total commitment to $90 billion. The expansion would add 460 megawatts of Nvidia's latest chips. However, Nscale faces significant customer concentration risk with Microsoft and Anthropic accounting for 85% of contract value. Anthropic's rapid revenue growth ($4.6B in 2025, $16.8B in Q3) comes with massive spending commitments ($7.33B on infrastructure in 2025, $500B+ over the next decade) ahead of its anticipated IPO.