Nscale seeks $3 billion IPO with 85% of contracts tied to two customers

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Published Tuesday, September 22, 2026 · 2:28 PM EDT

British AI-cloud provider Nscale plans to list on the New York Stock Exchange and is seeking $3 billion at a reported $35 billion valuation. Its filing says the company has more than $103 billion in contracts, with approximately 85% coming from a $43.8 billion Microsoft compute agreement through 2033 and a $44.6 billion Anthropic supply agreement. Revenue for the six months ended June 30 rose to $140.6 million from $10.4 million, while net losses increased to $1.02 billion from $369 million. Anthropic can cancel its agreement if Nscale misses stringent milestones or fails to obtain financing.

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