Anthropic is set to lease a data center from NScale in a deal valued at $45 billion, cementing its position as one of the largest tenants in AI compute history. The company has also 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. As of mid-2026, Anthropic’s total compute commitments have surpassed $150 billion. Founded in 2024 as a spinoff from crypto mining company Arkon Energy, NScale pivoted into AI infrastructure and raised a $2 billion Series C round, pushing its valuation to approximately $14.6 billion. Rather than relying entirely on cloud providers like Amazon Web Services, Anthropic is increasingly securing dedicated physical infrastructure it can control directly to power its Claude models.
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