According to TechCrunch, citing The Information and Bloomberg, Nvidia is weighing a residual value guarantee: if Nscale defaults on construction payments, Nvidia would step in, temporarily take over the facility and help find a buyer and a new tenant. Until now, Nvidia's support for cloud providers has mostly covered leases and chip purchases, not construction.
According to Nscale's IPO filing, Anthropic's contract covers the campus's first 460-megawatt building, which is expected to use Vera Rubin chips. The companies are also discussing a second deal worth about $45 billion for another building. Nscale, which is seeking to go public at a valuation of up to $35 billion, had about 25,000 advanced AI chips running in August out of nearly 500,000 it plans, and Microsoft pulled out of a planned Nscale site in England this month after grid power was pushed into the 2030s.
Separately, the Financial Times reported that Blackstone, the anchor investor in a $63 billion deal to finance Anthropic's chips, told investors it expects the company to receive a rating in the BB range, the top tier of speculative ("junk") grade, after its IPO. Blackstone had previously said the opposite: that Anthropic would reach investment grade before 2027. Anthropic and Blackstone declined to comment, and this is a forecast, not an official rating.
