One Anthropic contract is pulling $3.5B of financing and an entire GPU buildout into the present.

Nscale reportedly signed a roughly $45B deal with Anthropic, is seeking $3.5B before an IPO, and has shown investors $103B in projected revenue from signed leases. Nvidia may provide $2B of the raise.
Anthropic’s commitment gives lenders something concrete to underwrite and Nvidia’s capital helps pull its own GPU sales forward. Nscale converts both into capacity before most of the revenue arrives.
The timing mismatch is where this gets interesting.
The leases can run for years, while GPU economics can change with every product cycle. Nscale is effectively betting that today’s hardware will remain productive long enough to earn tomorrow’s contracted revenue.