Nvidia正在商谈，以保证AI云提供商Nscale计划在西弗吉尼亚的Anthropic数据中心"The Information"周四报道的数十亿债务融资。 彭博后来证实了这份报告。 根据Nscale的IPO存档，Anthropic已经为该项目的第一栋大楼单独签署了一份446亿美元的合同。 基本上，芯片制造者将共同签署客户贷款，这表明AI行业在投资者对所涉资金数额越来越紧张的情况下，努力维持其建设计划。
拟议的安排将有助于Nscale为其西弗吉尼亚校园的电力和建筑费用获得资金。 根据所谓的剩余价值担保，如果Nscale拖欠建筑付款，Nvidia将介入，根据The Information，将暂时接管设施，并帮助找到买方和新房客。
Nvidia先前对云提供商的支持大多涵盖租赁和芯片采购，而不是建筑。
尽管人们日益担心Nscale有能力执行雄心勃勃的数据中心项目，但Nscale却试图以高达350亿美元的估值公开。
Anthropic与Nscale的合同覆盖了Nscale西弗吉尼亚校区最早的460兆瓦建筑，预计该建筑将使用Nvidia下一代Vera Rubin芯片。 公司还在讨论另一栋大楼价值约450亿美元的第二项交易。
Nscale一直竭力争取其项目撤出地面。 该公司在8月有大约25,000个高级AI芯片运行，是它计划部署的近50万芯片的一小部分。 它的西弗吉尼亚校园本身就遇到了麻烦。 施工现场的径流不止一次地淹没了附近的房屋。 9月，经过几个月的谈判，该项目获得了州级认证。
本月，Microsoft从英国规划的Nscale站点被推入20世纪30年代后退出。
据The Information报道，Nvidia一直是该部门的主要金融支持者，向新云和大型客户提供了大约1 700亿美元的投资和信贷支持。 这包括9月承诺向Nscale提供10亿美元的可兑换资金。
Neoclouds将AI的计算电源租出，而背后却没有现金丰富的核心业务，因此受到投资者的压力。 CoreWeave、Nebius和IREN的股份在上星期的10月分别下跌了30%以上
拟议的担保将加深Nvidia与Nscale的金融联系，同时帮助为其芯片争取一个主要客户。 Anthropic是AI计算电源的最大买家之一，已经将其基础设施支出分散到多个芯片制造者之间。 一位投资者告诉The Information说，Anthropic的参与可能解释了Nvidia对保持Nscale项目走上正轨的兴趣。
讨论也随着Anthropic面临如何为自己的快速扩张提供资金的问题而来。 公司本周备案公开，但布莱克斯通已警告投资者，Anthropic可能在其IPO之后获得低于投资等级的信用评级。 垃圾评级会提高Anthropic的借款成本，并会迫使它继续依赖更强大的伙伴来还债。
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Nvidia is in talks to guarantee billions in debt financing for AI cloud provider Nscale’s planned Anthropic data center in West Virginia, The Information reported Thursday. Bloomberg later corroborated the report. Anthropic has signed a $44.6 billion contract for the project’s first building alone, according to Nscale’s IPO filing. In essence, the chipmaker would be co-signing a customer’s loans, a sign of how hard the AI industry is working to keep its buildout plans afloat as investors grow jittery about the amounts of money involved.
The proposed arrangement would help Nscale secure financing for the electricity and construction costs of its West Virginia campus. Under what’s known as a residual value guarantee, Nvidia would step in if Nscale defaulted on construction payments, temporarily take over the facility, and help find a buyer and new tenant, according to The Information.
Nvidia’s earlier support for cloud providers has mostly covered leases and chip purchases, not construction.
The stakes are high for Nscale, which is seeking to go public at a valuation of up to $35 billion despite growing concerns about its ability to deliver on ambitious data center projects.
Anthropic’s contract with Nscale covers the first 460-megawatt building at Nscale’s West Virginia campus, which is expected to use Nvidia’s next-generation Vera Rubin chips. The companies are also discussing a second deal worth roughly $45 billion for another building.
Nscale has struggled to get its projects off the ground. The company had about 25,000 advanced AI chips running in August, a fraction of the nearly 500,000 it plans to deploy. Its West Virginia campus has run into trouble of its own. Runoff from the construction site has flooded nearby homes more than once. In September, after months of negotiations, the project won state certification.
This month, Microsoft pulled out of a planned Nscale site in England after grid power for it was pushed into the 2030s.
Nvidia has been a major financial backer of the sector, extending roughly $170 billion in investments and credit support to neoclouds and large customers, according to The Information. That includes $1 billion in convertible financing committed to Nscale in September.
Neoclouds, which rent out AI computing power without a cash-rich core business behind them, have come under pressure from investors. Shares of CoreWeave, Nebius, and IREN had each fallen more than 30% in October as of last week, CNBC reported.
The proposed guarantee would deepen Nvidia’s financial ties to Nscale while helping secure a major customer for its chips. Anthropic, one of the largest buyers of AI computing power, has spread its infrastructure spending across multiple chipmakers. One investor told The Information that Anthropic’s involvement likely explains Nvidia’s interest in keeping Nscale’s project on track.
The discussions also come as Anthropic faces questions about how it will finance its own rapid expansion. The company filed to go public this week, but Blackstone has warned investors that Anthropic may receive a below-investment-grade credit rating after its IPO. A junk rating would raise Anthropic’s borrowing costs and could push it to keep relying on stronger partners to back its debt.
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