Nscale’s contracts surge 1,000x to over $103 billion, driven by Microsoft and Anthropic

Two and a half years ago, Nscale had about $100 million in contracted revenue. Today that number sits north of $103 billion. That’s not a percentage increase. That’s a roughly 1,000x multiplication of its contract book, driven almost entirely by the insatiable compute appetites of Microsoft and Anthropic.

Nscale, founded in May 2024, has rocketed from obscurity to filing for a NYSE IPO under the ticker NSCL, targeting a valuation of around $30 billion.

The deals behind the numbers

Microsoft accounts for roughly $43.8 billion in total agreements with Nscale.

Anthropic secured a deal valued between $44.6 billion and $45 billion for 460 megawatts of compute power at Nscale’s Monarch campus in West Virginia. That facility is expected to come online by late 2027.

Together, those two customers represent the overwhelming majority of Nscale’s contract backlog. The company’s total power pipeline now exceeds 10 gigawatts.

The company reported $140.6 million in revenue for the first half of 2026, a year-over-year increase of 1,252%.

The IPO and its backers

Nscale filed for its NYSE listing on September 18, 2026. The $30 billion target valuation reflects both the massive backlog and the broader market enthusiasm for anything that helps power AI workloads.

Nvidia is participating in $1 billion of a $3.1 billion convertible notes offering. Nscale’s strategic plans center on deploying Nvidia chips across its facilities.

The risks hiding in plain sight

The most glaring: customer concentration. Nscale’s largest single client accounted for 52% of its first-half 2026 revenue.

Microsoft initially planned to expand its presence at Nscale’s Monarch site in West Virginia but pulled back during a portfolio review. The commitment didn’t disappear entirely, as Microsoft’s total agreements still sit around $43.8 billion, but the reversal shows how quickly plans can shift when a hyperscaler recalibrates its spending priorities.

There’s also the financing gap. Nscale has acknowledged that it lacks the binding financing necessary for a complete build-out of its operations.

Nscale has also expanded internationally, announcing a deployment in Norway in April 2026.

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