Nscale Global Holdings Limited

I keep reading, and here's the real reveal.

Anthropic is negotiating a second compute deal with a company called Nscale, worth about $45 billion.

$45 billion.

And it would double their West Virginia footprint, up to 920 megawatts, running on NVIDIA's new Vera Rubin chips.

That's not a model benchmark.

That's a lease priced years into the future on a bet about demand nobody's confirmed yet.

And, small detail, Nscale's own IPO filing apparently leans on these Anthropic deals to pitch its investors.

So now you've got one unconfirmed valuation propping up another unconfirmed valuation.

One investor who got in early and may be on his way to one of the largest individual returns when it makes its public market debut.

Plus, one day after losing Microsoft, data center operator Nscale may have another winner on its hands.

And later, a serial entrepreneur that may be on his way to creating his third billion-dollar-plus company.

I want to get his thoughts on all of this and the tech landscape.

And Canadian Prime Minister Mark Carney praising early results in the referendum in the province of Alberta, showing that residents have overwhelmingly voted to remain a part of the country of Canada.

Alberta has the world's fourth largest proven oil reserves, and much of the push by separatists to seek independence had been driven by anger over oil industry management.

Well, Nscale is in talks to sell AI computing power to Anthropic in a new deal that could be worth about $45 billion.

That's according to multiple reports.

So that's going on this morning.

Meanwhile, we've also got Anthropic and Nscale are in talks for a $45 billion AI compute deal.

What a joke with this story.

All right, Nscale, we've been talking about Nscale a lot for the last couple of days.

Yesterday, we talked about how Microsoft had pulled out of one of their data center projects in the UK and how Nscale's IPO was probably going to flop.

The investors were already pushing back on the valuation.

Well, Anthropic is riding to the rescue.

Nobody really wants anything to do with the AI companies over these last couple of days.

So this is what we have Seamus on to talk about primarily.

But before we get there, I am being handed a TF vindication total champion 7 to 10 times hat as Nscale.

You may remember them from our episode Scaffold to Heaven.

Yes, the data center that was going to be built in Essex that they didn't have planning permission for and was just a sort of brick layers yard.

Third.

Microsoft pulled out of Nscale's planned Essex AI data center over power delays.

Microsoft ended its involvement in Nscale's planned £2 billion Loughton site after Nscale was told grid power won't arrive until the 2030s.

Nscale says it remains committed and is exploring alternative power sources.

Tools of the day.

Bean.win at bean.win lets you run AI agents and builds on one Mac and use their windows on the Mac in front of you.

First, Inception's launch of the radically fast Mercury 3 model.

Second, those staggering discussions between Anthropic and Nscale surrounding, what, $90 billion in new infrastructure commitments? $90 billion,

yeah.

And third, the explosion of autonomous AI

Okay, but we have to separate theoretical architecture from actual financial and deployment realities.

Because right now, those two things are wildly misaligned.

Let's look closely at that Nscale deal.

Nscale is out there seeking a $30 billion valuation, but Wall Street is actively pushing back on them.

Today, OpenAI races to raise $30 billion before its biggest rival goes public.

Anthropic weighs a second giant compute deal with Nscale, and chip challenger TenStorrent lands $1.5 billion to take on NVIDIA.

Let's get into it.

OpenAI is moving fast to lock in new money before rival Anthropic reaches the public markets.

Now to the cloud deals.

Anthropic may be about to make another enormous bet on computing power.

Bloomberg reported that the British AI cloud company Nscale is in talks to sell Anthropic compute capacity in a deal that could be worth about $45 billion.

It would be the second agreement between the two companies, and it would involve a second facility at N-Scale's campus in West Virginia.

Maybe Anthropik will make it.

But Nscale, which is another Nvidia-backed cloud provider, is already facing resistance to its valuation ambitions.

The company is reportedly seeking valuation around 30 billion US dollars, while some investors like it better between 16 to 19 billion US dollars.

That's a gap.