内容来源：https://techcrunch.com/2026/10/30/nvidia-weighs-playing-the-cosigner-for-nscales-ai-data-center-in-west-virginia/

内容总结：

英伟达正就为AI云服务商Nscale计划中的Anthropic数据中心项目提供数十亿美元债务融资担保进行谈判。据The Information周四报道，彭博随后证实了这一消息。根据Nscale的IPO文件，Anthropic仅该项目第一期建筑就签署了446亿美元的合同。本质上，这家芯片制造商是在为客户的贷款共同签字担保，这表明在投资者对涉及资金规模日益不安之际，AI行业正竭力维持其建设计划的推进。

拟议的安排将帮助Nscale为其西弗吉尼亚园区的电力和建设成本获得融资。据The Information报道，在所谓的“剩余价值担保”框架下，若Nscale拖欠建设款项，英伟达将介入，暂时接管该设施，并协助寻找买家和新的租户。英伟达此前对云服务商的支持主要涵盖租赁和芯片采购，而非建设领域。

对Nscale而言，风险不可谓不大。该公司正寻求以高达350亿美元的估值上市，尽管外界对其能否兑现雄心勃勃的数据中心项目日益担忧。Anthropic与Nscale的合同涵盖后者西弗吉尼亚园区第一期460兆瓦建筑，该建筑预计将采用英伟达下一代Vera Rubin芯片。双方还在讨论第二笔交易，价值约450亿美元，涉及另一栋建筑。

Nscale在项目推进方面一直困难重重。截至今年8月，该公司约有2.5万枚先进AI芯片在运行，仅为其计划部署的近50万枚的一小部分。其西弗吉尼亚园区也遭遇了自身的问题——施工现场的径流多次淹没了附近民居。经过数月谈判，该项目于9月获得州政府认证。本月，微软退出了Nscale位于英格兰的一处规划选址，原因是该站点的电网供电被推迟至2030年代。

据The Information报道，英伟达一直是该领域的主要资金支持者，向新型云服务商和大型客户提供了约1700亿美元的投资和信贷支持，其中包括9月向Nscale承诺的10亿美元可转换融资。新型云服务商出租AI算力，但背后缺乏现金充裕的核心业务支撑，正面临投资者的压力。据CNBC报道，截至上周，CoreWeave、Nebius和IREN的股价在10月均已下跌超过30%。

拟议的担保将进一步加深英伟达与Nscale的财务关联，同时有助于为其芯片锁定一家重要客户。Anthropic是AI算力的最大买家之一，已将基础设施支出分散到多家芯片制造商。一位投资者向The Information表示，Anthropic的参与很可能解释了英伟达为何有意推动Nscale项目顺利推进。与此同时，Anthropic自身也面临如何为其快速扩张融资的问题。该公司本周提交了上市申请，但黑石已警告投资者，Anthropic在IPO后可能获得低于投资级的信用评级。垃圾级评级将推高Anthropic的借贷成本，并可能迫使其继续依赖实力更强的合作伙伴为其债务提供支持。

中文翻译：

据The Information周四报道，英伟达正在洽谈为AI云服务提供商Nscale计划在西弗吉尼亚州建设的Anthropic数据中心提供数十亿美元的债务融资担保。彭博社随后证实了这一报道。根据Nscale的IPO文件，仅该项目的第一栋建筑，Anthropic就签署了446亿美元的合同。本质上，这家芯片制造商将为一个客户的贷款共同签字，这表明随着投资者对涉及的资金规模日益不安，AI行业正在竭力维持其建设计划的运转。

据The Information报道，拟议的安排将帮助Nscale为其西弗吉尼亚园区的电力和建设成本获得融资。根据所谓的剩余价值担保机制，如果Nscale在建设付款上违约，英伟达将介入，暂时接管该设施，并帮助寻找买家和新的租户。英伟达此前对云服务提供商的支持主要涵盖租赁和芯片采购，而非建设。

对Nscale而言，赌注很高。尽管外界对其能否交付雄心勃勃的数据中心项目日益担忧，该公司仍寻求以高达350亿美元的估值上市。

Anthropic与Nscale的合同涵盖Nscale西弗吉尼亚园区第一栋460兆瓦的建筑，该建筑预计将使用英伟达的下一代Vera Rubin芯片。双方还在讨论另一项价值约450亿美元的协议，涉及另一栋建筑。

Nscale在推进项目落地方面一直举步维艰。截至8月，该公司约有25,000枚先进AI芯片在运行，仅为其计划部署的近500,000枚的一小部分。其西弗吉尼亚园区也遇到了自身的问题。施工现场的径流多次淹没了附近的房屋。9月，经过数月的谈判，该项目获得了州政府认证。

本月，微软退出了计划在英国建设的Nscale站点，因为该站点的电网供电被推迟到了2030年代。

据The Information报道，英伟达一直是该行业的主要资金支持者，向新型云服务商和大型客户提供了约1700亿美元的投资和信贷支持。其中包括9月承诺向Nscale提供的10亿美元可转换融资。

新型云服务商出租AI算力，但背后没有现金充裕的核心业务支撑，它们已受到投资者的压力。据CNBC报道，截至上周，CoreWeave、Nebius和IREN的股价在10月均已下跌超过30%。

拟议的担保将加深英伟达与Nscale的财务关系，同时有助于为其芯片锁定一个大客户。Anthropic是AI算力的最大买家之一，已将基础设施支出分散到多家芯片制造商。一位投资者告诉The Information，Anthropic的参与很可能解释了英伟达为何有意让Nscale的项目保持在正轨上。

这些讨论进行之际，Anthropic正面临如何为其自身快速扩张融资的问题。该公司本周提交了上市申请，但黑石警告投资者，Anthropic在IPO后可能获得低于投资级的信用评级。垃圾级评级将推高Anthropic的借贷成本，并可能促使其继续依赖更强的合作伙伴为其债务提供支持。

英文来源：

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.