Microsoft and Anthropic dominate Nscale's $103B IPO contract backlog

Nscale Limited filed for an initial public offering on the New York Stock Exchange last week, revealing that Microsoft and Anthropic together account for 85% of its $103 billion in total contract value, according to Bloomberg. The British AI infrastructure company, which builds data centers for AI services, has signed multiple agreements with Microsoft since late 2025 worth about $43.8 billion through 2033, according to Bloomberg. In August, Nscale signed a separate $44.6 billion agreement with Anthropic to supply computing power at a planned eight-gigawatt facility in West Virginia. Nscale has not yet secured financing for the Anthropic deal. The Anthropic contract comes with significant conditions attached.