Nscale IPO Puts $103 Billion AI Contract Book to the Test

Nscale has filed to go public in the United States, putting its $103.4 billion in reported contract value before public investors. Microsoft and Anthropic account for about 85% of that total, according to the company’s filing.

The British AI data-center operator is seeking a New York Stock Exchange listing. Bloomberg has reported a planned $3 billion raise, while the Financial Times reported a possible $35 billion valuation; those figures are not final offering terms.

Microsoft’s agreements provide for up to $43.8 billion in payments through 2033, subject to delivery and service requirements. Anthropic’s separate deal is valued at up to $44.6 billion, but depends on Nscale securing financing and meeting milestones.

That contract total is not current revenue. Nscale reported $140.6 million in revenue for the six months ended June 30, up from $10.4 million a year earlier, while its net loss widened to $1.02 billion from $369 million.

The gap highlights the execution challenge: Nscale must build and equip data centers before it can deliver much of the computing capacity customers have agreed to buy. Its filing also warns that Anthropic can cancel or walk away if specified conditions are not met.

Nvidia, a major backer and supplier of AI chips, agreed to provide $1 billion in convertible debt as part of a broader $3.1 billion financing deal, according to TechCrunch. The funding underscores how closely infrastructure providers, chipmakers and AI developers are tied together.

Investors will weigh those long-term commitments against customer concentration, financing needs and the cost of construction. Nscale’s filing offers a public-market test of whether contract growth can persuade investors to accept heavy losses and dependence on a small number of buyers.