Anthropic / Nscale: Monarch Compute Campus compute deal, September 2026

Announced Sep 18, 2026 · About 460 MW · Up to $44.6B · up to six years

Nscale's September 18 Form S-1 says four Anthropic Services Agreements signed August 25, 2026 provide for aggregate payments of up to approximately US$44.6 billion. CNBC reported that the six-year agreements cover about 460 MW of compute capacity at Monarch and that the campus was expected to come online at the end of 2027. The 460 MW and timing are reported terms, not utility measurements; the filing does not specify whether the MW figure is IT load or total facility power. Do not treat the capacity as energized or delivered. The agreement value is full-term service spend, not annual revenue or infrastructure capital expenditure.

First-capacity target: Late 2027 reported target; not verified delivery or energization