Anthropic is set to lease a data center from NScale in a deal valued at $45 billion, adding another blockbuster infrastructure commitment to a company that is quietly becoming one of the largest tenants in the history of AI compute.
This deal does not exist in isolation. Anthropic has reportedly signed a roughly $19 billion, 20-year lease with TeraWulf in Kentucky, and a separate agreement with Riot Platforms in Texas worth up to $16.1 billion depending on extension terms. As of mid-2026, Anthropic’s total compute commitments have surpassed $150 billion.
The pattern is deliberate. Rather than relying entirely on cloud providers like Amazon Web Services, which backs Anthropic with significant investment, the company is increasingly securing dedicated physical infrastructure it can control directly.
The goal is to give Anthropic’s Claude models the raw computational horsepower needed for both training new systems and running inference at scale, two workloads with very different hardware demands but shared urgency.
NScale is not a household name, but its trajectory is worth understanding. Founded in 2024 as a spinoff from Arkon Energy, a crypto mining company, NScale pivoted hard into AI infrastructure. Its background in high-density power facilities turned out to be directly transferable to the GPU clusters that power large language models.
