Anthropic sends clear message to Wall Street ahead of IPO

Anthropic just made one of the largest infrastructure commitments in AI history, and the timing is hard to ignore.

The company agreed to spend roughly $45 billion renting cloud computing power from Nscale, a UK-based AI infrastructure firm.

The deal runs six years and covers about 460 megawatts of power at Nscale’s flagship data center development in West Virginia.

For investors, this matters because Anthropic is preparing to go public, and this agreement tells you a lot about the case it plans to make.

Why Anthropic’s Nscale deal points straight at its IPO

Anthropic is still private, but not for much longer if current reporting holds up.

The company submitted a confidential IPO filing to the Securities and Exchange Commission in June and has started meeting with potential investors, CNBC reported.

Investors expect Anthropic to go public in October at a valuation of $2 trillion or more, which would make it the largest IPO in history, Quartz reported.

That is where the Nscale agreement comes in.

When Anthropic pitches Wall Street, one of the first questions it will face is whether it can keep growing without running out of the hardware and electricity its Claude models need.

This deal is designed to answer that question before anyone asks it.

How Anthropic has assembled its computing infrastructure will feature prominently in what it tells prospective public-market investors.

What 460 megawatts and Vera Rubin chips actually buy

The hardware here is worth understanding, because it explains why the price tag is so large.

The West Virginia facility will run on Nvidia’s next-generation Vera Rubin chips, which are expected to start coming online at the end of 2027, TechCrunch reported.

Vera Rubin is Nvidia’s newest system, and it combines six different chips working together at the cutting edge of chip design.

The 460 megawatts of power involved is enough to supply about 345,000 US homes at once, according to Bloomberg, which shows the scale of what modern AI training now requires.

Here is what the deal locks in for Anthropic:

Key terms of the Anthropic and Nscale agreement

Total value: Roughly $45 billion over six years, averaging about $7.5 billion a year
Capacity: Approximately 460 megawatts of power
Location: Nscale’s Monarch campus in West Virginia
Hardware: Nvidia Vera Rubin systems, online in late 2027

Anthropic is racing to secure computing capacity ahead of a possible record-setting IPO.

SOPA Images / Getty Images

How this fits Anthropic’s wider spending run

The Nscale deal is not a one-time move. It follows a series of large agreements Anthropic has signed to lock down capacity.

Earlier this month, the company signed a $10 billion, six-year deal with Volta for a data center in Norway, TechCrunch reported.

In July, it added a $5 billion computing-related agreement with AMD. And back in May, Anthropic entered a large arrangement with SpaceX that reportedly provides about $1.25 billion worth of capacity each month.

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There is a reason for all of this activity.

Anthropic acknowledged earlier this year that heavy demand for Claude had strained its existing systems and caused reliability problems during peak hours.

By spreading its work across Nvidia chips, AWS Trainium, and Google’s processors, Anthropic avoids depending on any single vendor.

What the numbers say about Anthropic’s growth

Anthropic surpassed OpenAI in quarterly revenue for the first time in the second quarter, posting $11.6 billion, more than double its first-quarter total, Bloomberg reported.

Its annualized revenue run rate climbed from about $9 billion in late 2025 to more than $47 billion in May and near $65 billion by July.

The pitch to investors leans on an even bigger figure.

Anthropic is preparing to tell IPO investors that its total addressable market tops $30 trillion, based on the full scope of work AI models could perform across industries, the The Wall Street Journal reported.

That claim has drawn skepticism.

NYU finance professor Aswath Damodaran is widely known as the dean of valuation for decades of work breaking down company worth.

He said a similar AI market estimate from SpaceX was “reaching the end of what’s plausible and pushing beyond,” BetaNews reported.

The risks investors should weigh before the IPO

First, there is timing. The West Virginia facility will not come online until late 2027, so this is a long-term backup plan rather than a fix for today’s capacity shortage.

Before then, Anthropic has to bridge the gap using its existing arrangements with Amazon, Google, and SpaceX.

Second, there is the question of profit.

A $45 billion commitment to one partner adds to already enormous obligations.

Investors will want to see that revenue growth can outpace these costs over time, not just for a quarter or two.

Third, the valuation itself is unproven.

Anthropic’s last private raise valued it at $965 billion in May, according to according to Briefs.co, so a $2 trillion debut would roughly double that mark within months.

What this means for investors

You cannot buy Anthropic shares yet, but you can prepare.

If the IPO arrives this autumn, treat the pitch figures with care.

A $30 trillion market claim is a projection, not a guarantee, and Anthropic’s own forecast of $190 billion to $200 billion in 2028 revenue would capture under 1% of that market.

Watch three things once the filing lands:

Whether revenue keeps doubling
Whether adjusted profit holds up under audited numbers
Whether these capacity deals turn into reliable service instead of more strain.

The Nscale agreement shows Anthropic can secure the power and chips it needs.

Whether it can turn that into durable profit is the question that will decide if a $2 trillion price tag holds up once investors get their first real look.

Investors don’t need to wait for the IPO to get exposure to this story.

Every one of these deals runs on Nvidia hardware, and rivals like AMD are fighting for a share, which keeps AI infrastructure names firmly in focus heading into the debut.