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Next-generation chips and server substitution

Can the customer move to the next GPU generation, and can the provider swap servers?

Anthropic may elect to take the generation after Vera Rubin NVL72, from NVIDIA or another vendor, for any tranche. The new price is set by a formula against Vera Rubin at the new chip’s launch, with an independent check if the parties disagree. If they still cannot agree, Anthropic stays committed to Vera Rubin. Separately, the provider may swap individual servers for ones of the same or better type, generation and specification, on notice, if service does not suffer. For lenders, a generation switch changes the collateral and the purchase contract, so the loan has to allow for it.

Randeep Bubbra | Lawyer | Making the next generation of infrastructure financeable · Firm profile ·

What the filed contracts say

ContractWhat the filed wording says
Anthropic / Nscale GPU orderAnthropic may substitute any tranche with the next NVIDIA generation after Vera Rubin NVL72, or another vendor’s equivalent, with the price adjusted.
Anthropic / Nscale GPU orderIf the parties cannot agree the price, an independent third party checks the provider’s quotes; failing agreement, Anthropic keeps buying Vera Rubin.
Anthropic / Nscale GPU orderThe provider may swap individual servers for ones of the same or better type, generation and specification, on notice and without loss of performance.

The filed wording

8. Next Generation GPU Option Anthropic may elect, in its discretion, [***] to substitute any one or more Tranches of NVIDIA Vera Rubin NVL72 GPU Systems for the [***] GPU Systems or the next applicable generation of NVIDIA or another vendor’s GPU system that NVIDIA or such other vendor commercially releases following the Vera Rubin NVL72 generation or similar generation released by such other vendor (the “Next-Generation GPU”). Prior to making such election, a price for the Next-Generation GPU will be determined in accordance with the process below, and if Anthropic makes the election, the Base Price under this Order will be adjusted accordingly. The price for the Next-Generation GPU will be calculated based on [***] for the Next-Generation GPU compared to the NVIDIA Vera Rubin NVL72 GPU System at the Next-Generation GPU’s commercial launch.

Redacted in the filed copy: [***] or [*] marks text the filer left out.

Anthropic–Nscale order for GPU services (Vera Rubin NVL72), form filed with Nscale’s registration statement, Order, section 8 (Next Generation GPU Option) · Nscale S-1, Exhibit 10.25

On the deal pages

Financings by the parties to these contracts

The latest debt raised by the companies that signed them, with the terms and the sources on each deal page.

FinancingBorrower or issuerDateAmount
Pre-IPO convertible loan-note subscription (initial minimum)Nscale15 September 2026US$2.1bn
Dell short-term equipment lease payment schedules (aggregate)Nscale4 September 2026US$2.54bn
North Carolina GPU DDTLNscale31 August 2026US$1.2bn
Ward County GPU DDTLNscale31 August 2026US$1.85bn
Macquarie Iceland GPU facilityNscale29 July 2026US$331.9m

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Method

Each extract is quoted from the contract as filed with the SEC, checked against the filed text when it was added; “…” marks words left out. Filers redact commercial terms, so a [***] or [*] is the filer's, not ours. The summaries describe the wording, not how a court would read it, and each contract's defined terms and other clauses can change the effect. General information drawn from public filings. It is not legal advice on any transaction, and using this page does not create a lawyer-client relationship. Views are personal.

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