Nvidia Moves to Backstop a Cloud Provider’s $45 Billion Anthropic Project
Phoebe Liu reports that Nvidia is in talks to give Nscale credit guarantees of likely more than $5B (an industry-estimate-based figure) for debt to build the first 460 MW building of its Monarch campus in West Virginia, which Anthropic has contracted to rent for $45B, as disclosed in Nscale's IPO prospectus last month. The guarantee would be a residual value guarantee on the facility itself (power and construction), not on leases or chips, letting Nscale raise investment-grade construction debt; if Nscale defaults, Nvidia would step in and arrange a sale and re-lease. Anthropic also plans a second phase of similar size. Nvidia has already given about $170B in credit support and investment to neoclouds and big customers. Caveat: the deal isn't signed and terms could change.
Why it matters
Nscale is a UK-founded neocloud heading to an IPO, so this adds hard data (Anthropic contract size, MW, financing structure, Nvidia's role) to a European scaleup profile. It also shows how Nvidia's balance sheet now underwrites the neocloud sector, which matters for valuing CoreWeave, Firmus and Nscale and for Dealroom's AI infrastructure coverage.
