Nvidia is in talks to guarantee billions of dollars in debt financing for a second AI data center building at Nscale’s West Virginia campus, built to serve Anthropic, TechCrunch reported on October 30, 2026, citing The Information and Bloomberg. Neither company has confirmed the arrangement, which would also have Nvidia step in if Nscale defaults on construction payments.
The financing under discussion would reportedly take the form of a residual value guarantee. If Nscale fell behind on construction payments for the new building, Nvidia would temporarily take over the facility and help find a buyer and a new tenant, according to TechCrunch’s report on The Information’s reporting. The talks cover construction and electricity costs specifically, a category Nvidia’s earlier AI-infrastructure support has largely not touched.
The proposed building would be the second at Nscale’s Monarch campus in West Virginia. Anthropic separately agreed in August 2026 to a six-year, roughly $45 billion deal to rent AI cloud capacity from the campus’s first building, Reuters reported, citing Bloomberg. Talks on the second building, also reported at roughly $45 billion, surfaced in October.
What the proposed building would deliver
The second building under discussion would add 460 megawatts of capacity running on Nvidia’s Vera Rubin chips, the same specification as the campus’s first building, per Reuters’ account of the Bloomberg report. Anthropic also holds a right of first refusal on a planned third building at the same site, with discussions described as ongoing and subject to change.
| Detail | First building (Aug 2026 deal) | Second building (talks reported Oct 2026) |
|---|---|---|
| Reported value | ~$45 billion, 6-year rental deal | ~$45 billion compute commitment under discussion |
| Capacity | 460 megawatts | 460 megawatts |
| Chips | Nvidia Vera Rubin | Nvidia Vera Rubin |
| Financing backstop | Not reported as Nvidia-guaranteed | Nvidia reportedly weighing a debt guarantee |
| Confirmation status | Reported by Bloomberg, not confirmed on record | Reported by The Information and Bloomberg, not confirmed on record |
Why Nvidia’s financing role matters
Nvidia has already put roughly $170 billion into investments and credit support for neoclouds and large AI customers, including a $1 billion convertible investment in Nscale made in September 2026, per TechCrunch’s account of The Information’s reporting. A direct debt guarantee would mark a new category of exposure, tying Nvidia’s balance sheet to whether a data center actually gets built and leased, not just whether chips get sold.
Nscale’s own position adds context. Its total contracted deal value has grown from $100 million to more than $103 billion in about two and a half years, and the company is pursuing an IPO at a valuation of up to $35 billion, Reuters reported, citing Bloomberg and Nscale’s prospectus. Microsoft had earlier pulled out of anchoring a flagship Nscale data center after power-connection delays pushed the expected supply date into the 2030s, the same report said.
The talks come against a broader debt-financing debate in the AI sector. CoreWeave’s shares fell this year amid investor concern over its roughly $50 billion debt load, a selloff that Reuters, citing Bloomberg, said contributed to a wider pullback in AI stocks. That backdrop is part of why a direct Nvidia guarantee for Nscale’s construction debt would be read by markets as a bigger commitment than Nvidia’s earlier chip-purchase and lease arrangements.
What remains unconfirmed
Nvidia, Nscale and Anthropic have not confirmed the financing talks on record. Anthropic declined to comment when Reuters asked about the related August deal for the first building, and no company statement addresses the newer debt-guarantee reporting directly. The scale and structure described rest on The Information’s original account, corroborated by Bloomberg.
Frequently asked questions
What is a residual value guarantee?
In this reported structure, Nvidia would agree to step in if Nscale defaulted on construction payments for the data center, temporarily taking over the facility and helping find a buyer and new tenant, per TechCrunch’s account of The Information’s reporting.
How much has Nvidia already committed to AI infrastructure partners?
Roughly $170 billion in investments and credit support to neoclouds and large AI customers overall, including a $1 billion convertible investment in Nscale made in September 2026, according to The Information’s reporting as relayed by TechCrunch.
Has Anthropic confirmed how much compute it is buying from Nscale?
Anthropic agreed to a six-year, roughly $45 billion deal for the campus’s first 460-megawatt building in August 2026, and talks on a similarly sized second building were reported in October, per Reuters’ and Bloomberg’s reporting. Anthropic has not commented on record on the newer financing talks.
Is the deal finalized?
No. All figures and structural details come from unnamed sources cited by The Information and Bloomberg. None of the three companies involved, Nvidia, Nscale or Anthropic, has confirmed the financing talks publicly.
What to watch next
Watch for Nscale’s IPO filing details and any formal confirmation from Nvidia or Anthropic on the second building’s financing structure, since the current reporting is based on unnamed sources on both sides of the talks.
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