Microsoft and Anthropic Account for Majority of NScale's $103 Billion IPO Contract Backlog
Nscale Limited, a British AI infrastructure company building data centers to support AI services, has revealed that Microsoft and Anthropic account for 85% of its total contract value in an upcoming initial public offering. The firm signed agreements with Microsoft worth approximately $43.8 billion through 2033 and another deal valued at $44.6 billion with Anthropic for a planned eight-gigawatt facility in West Virginia, though the latter has not yet secured financing. Nscale's S-1 filing highlights concentration risk due to its reliance on just a few major clients. As of August 2026, only $2.6 billion out of the total contract value was active. The company reported a net loss of $1.02 billion for the first half of 2026 despite revenue rising sharply from $10.4 million to $140.6 million year-over-year. Nscale also faces supply chain risks tied to its partnership with Nvidia, which has provided funding and chips but cannot fully eliminate potential delivery delays. The IPO is being underwritten by Goldman Sachs, J.P. Morgan, and Morgan Stanley.
Topics: AI infrastructure Anthropic contract IPO Microsoft partnership Nscale financials