Nscale says $2.6 billion of its $103.4 billion contract total is active

Nscale said $2.6 billion of the $103.4 billion in active and contracted total contract value it reported as of August 31 was tied to active contracts. Most of the AI infrastructure provider’s headline total is therefore tied to capacity that is not yet active and still must be delivered; the Anthropic agreements carry a separate financing condition.

The company filed a Form S-1 for a proposed initial public offering on September 18 and applied to list its ordinary shares on the NYSE under the symbol NSCL. The preliminary filing did not set the number of shares, price range, valuation or expected proceeds.

Nscale defines total contract value, or TCV, as revenue contracted over the full committed term of signed customer agreements when they are signed. It is not recognized revenue, and contracts for future capacity begin contributing active value only after the required infrastructure is delivered. The $2.6 billion active figure was about 2.5% of the combined $103.4 billion total.

Two customers account for most of that contracted book. Microsoft statements of work provide for payments of up to about $43.8 billion through December 2033, while four Anthropic agreements provide for payments of up to about $44.6 billion. Together, those maximum amounts total $88.4 billion, or about 85.5% of Nscale’s reported active and contracted TCV. The filing does not reconcile the two customer figures directly to the TCV total.

The Anthropic agreements show the conditions attached to that future value. Nscale said it had not obtained binding commitments for any financing required to perform those agreements as of the prospectus date and could not assure that financing would be available on acceptable terms or at all. Anthropic’s payments are also subject to delivery and service-availability requirements; missed delivery dates can allow Anthropic to terminate an affected tranche without liability.

The capacity figures show a similar divide. At August 31, Nscale reported about 25,000 active GPUs out of 461,000 active and contracted GPUs, five active data-center sites out of 12 contracted sites, and 81 active IT megawatts within 1,370 contracted IT megawatts.

Nscale’s first-half results pair rapid revenue growth with heavy spending. Revenue rose to $140.6 million in the six months ended June 30 from $10.4 million a year earlier, while its net loss widened to about $1.02 billion from $368.9 million. Its largest customer supplied 52% of first-half 2026 revenue and 73% of 2025 revenue. One customer accounted for substantially all revenue in 2024; the filing did not identify the customer in those disclosures.

On September 25, Nscale announced $3.36 billion in convertible-note financing, consisting of a $2.36 billion initial tranche at closing and a further $1 billion Nvidia commitment with funding expected in mid-November. The announcement said the capital would support data-center buildouts, but it did not establish whether the proceeds satisfy the financing required under the Anthropic agreements. Nscale also said the expected timing and use of proceeds are forward-looking.