Anthropic committed $45 billion over six years to Nscale for Vera Rubin capacity in West Virginia.

The compute starts serving Anthropic traffic in late 2027 (TechCrunch). It's the largest in a run of deals over eight months: $10B with Volta in August, $5B with AMD in July, a reported $1.25B monthly from SpaceX in May, 5 additional gigawatts from Amazon in April. The lead time is the part builders should internalize. Capacity signed today prices inference in 2028. Anyone modeling per-token costs as monotonically falling is betting against a two-year procurement pipeline they can't see.