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

_Published Tuesday, September 22, 2026 at 2:28 PM EDT · Products, Infrastructure, AI · Latest · Tier 1 — Major_

![Nscale seeks $3 billion IPO with 85% of contracts tied to two customers — Primary](https://techcrunch.com/wp-content/uploads/2026/03/GettyImages-2235971874.jpg?resize=1200,800)

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.

## Sources

- [TechCrunch](https://techcrunch.com/2026/09/22/nscales-ipo-will-test-wall-streets-appetite-for-concentrated-ai-bets-once-again/)

---
Canonical: https://techandbusiness.org/newswire/sHZDwl2HWLMRdC5B0yPNzW
Published: 2026-09-22T18:28:14.049Z
Story chronology: 2026-09-22T12:23:05.000Z
Retrieved: 2026-09-22T20:36:22.005Z
Publisher: Tech & Business (techandbusiness.org)