85% of Nscale’s $103B of contracts are with Microsoft and Anthropic

Investing.com -- Nscale disclosed that Microsoft Corp. and Anthropic PBC account for 85% of its $103 billion in total contract value, according to details revealed in the British data center developer's initial public offering filing on Friday.

The company signed multiple deals with Microsoft since late 2025 worth approximately $43.8 billion through 2033. In August, Nscale signed a $44.6 billion agreement with Anthropic to provide computing power through 2033.

The company acknowledged the concentration risk in its S-1 filing, stating "a substantial portion of our revenue is driven by a limited number of our customers."

Nscale has not yet secured financing for the Anthropic deal. The agreement requires Nscale to build server racks and equipment at an eight gigawatt facility in West Virginia. The contract includes provisions allowing termination if the company fails to meet milestones and requirements for consistent computing power. Nscale expects to bring the first two gigawatts online in 2028.

The company reported a net loss of $1.02 billion on $140.6 million in sales for the first half of the year. Of its total contract value, only $2.6 billion worth was active as of the end of August.

Nvidia Corp. serves as a major shareholder and primary chip supplier for Nscale's data centers. Nvidia has invested in funding rounds, supplied chips, and acted as a backstop for approximately $860 million in lease obligations. Nvidia participated in Nscale's $3.1 billion financing package last week, receiving $1 billion worth of convertible notes or non-voting shares.

Nscale is targeting a valuation of up to $35 billion when it goes public in New York, the Financial Times reported.

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