据The Information报道，芯片制造商英伟达（Nvidia）正就为一项位于美国西弗吉尼亚州的AI数据中心项目提供数十亿美元的债务融资担保展开谈判 1。该项目的开发方为AI云服务商Nscale，英伟达提供的担保形式为“残值保证”（residual value guarantee） 1。根据这一机制，若Nscale发生违约，英伟达将介入接管设施，并协助寻找新的买家或租户 1。此举旨在帮助Nscale解决电力和建筑成本的融资难题，同时也反映出在投资者对AI行业巨额支出感到担忧的背景下，各方维持建设计划稳定的努力 1。
作为Nscale的重要客户，Anthropic已与该公司签署了一份价值446亿美元的合同，用于建设其西弗吉尼亚校区的首栋建筑，预计该建筑将使用Vera Rubin芯片 1。双方目前还在讨论另一笔价值约450亿美元的交易 1。然而，Nscale正面临交付能力的质疑，尽管该公司寻求IPO且估值最高可达350亿美元，但截至8月，其运行的先进AI芯片数量仅为约2.5万枚，远低于计划的近50万枚 1。本月，微软也因电网供电推迟至2030年代而退出了英国一处Nscale站点计划 1。英伟达此前已向新兴云服务商和大客户提供约1700亿美元的投资和信贷支持，但在10月，CoreWeave、Nebius和IREN等股票跌幅均超过30% 1。此外，Blackstone警告称，Anthropic在IPO后可能获得低于投资级别的信用评级，从而增加借贷成本 1。
Nvidia is currently negotiating to provide a debt financing guarantee worth billions of dollars for Nscale, an AI cloud service provider planning a data center project in West Virginia. 1 The proposed structure involves a "residual value guarantee," under which Nvidia would step in to take temporary control of the facility and assist in finding new buyers or tenants if Nscale defaults on its obligations. 1 This initiative aims to help Nscale secure funding for electricity and construction costs while reflecting broader efforts within the AI industry to stabilize construction plans amid investor concerns over massive capital expenditures. 1
The potential deal supports Nscale’s significant commercial commitments, including a $44.6 billion contract with Anthropic for the first building of its West Virginia campus, which is expected to utilize Vera Rubin chips. 1 Discussions between the two companies also extend to a second transaction valued at approximately $45 billion. 1 However, Nscale faces scrutiny regarding its delivery capabilities as it seeks an initial public offering with a valuation that could reach up to $35 billion. 1 As of August, the company had only about 25,000 advanced AI chips operational, falling short of its plan for nearly 500,000 units. 1 Furthermore, Microsoft recently withdrew from a planned Nscale site in the United Kingdom due to grid power supply delays extending into the 2030s. 1
This move by Nvidia aligns with its broader strategy of supporting emerging cloud providers and major customers through investments and credit facilities totaling around $170 billion. 1 The sector has experienced volatility, with shares of competitors such as CoreWeave, Nebius, and IREN all dropping more than 30% in October. 1 Additionally, Blackstone has issued warnings that following its IPO, Anthropic might receive a sub-investment-grade credit rating, potentially increasing its borrowing costs. 1
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