Nscale Reveals $103 Billion in Contracted Revenue Ahead of IPO, Powered by $45 Billion Anthropic Deal

Nscale touts $103 billion in contracts ahead of IPO

Nscale, a U.K.-based cloud infrastructure provider backed by Nvidia $NVDA, did not respond to a Reuters request for comment. The $103 billion figure encompasses a series of large agreements Nscale has struck with major AI companies. Among them is a $45 billion deal under which Anthropic will lease roughly 460 megawatts of computing power from an Nscale data center campus in West Virginia. Under the terms of that agreement, Nscale will deploy Nvidia's Vera Rubin chips to support Anthropic's computing needs. The West Virginia facility is expected to come online at the end of 2027.

Nscale doubles contracted revenue to $103 billion after Anthropic win - report By Investing.com

Investing.com -- UK-based neocloud provider Nscale is informing prospective investors that its total contracted revenue has expanded to approximately $103 billion, bolstered by a landmark $45 billion computing deal with Anthropic, according to investor materials reviewed by The Information. The Nvidia-backed infrastructure firm could launch an initial public offering as soon as this month, utilizing the massive backlog to demonstrate sustained enterprise demand for specialized artificial intelligence compute capacity. Nscale had previously disclosed $51 billion in contracted revenue prior to finalizing the Anthropic agreement and landing additional commitments from other AI-native clients. While the signed lease contracts carry an average duration of 5.7 years, equating to an annualized average of roughly $18 billion, a person familiar with the discussions cautioned that the metrics are illustrative and not intended as formal revenue guidance. Beyond its long-term pipeline, internal documents reveal rapid sequential acceleration in Nscale's underlying business, with second-quarter revenue estimated to have topped $100 million. That figure marks a substantial increase from approximately $37 million recorded in the first quarter, notably without yet reflecting any financial contributions from the newly secured Anthropic contract. The sheer scale of the contract additions underscores how specialized neocloud providers are leveraging intense AI compute demand to carve out market share ahead of major market debuts. Against that backdrop, prospective public investors will likely scrutinize how efficiently Nscale can convert its expanding illustrative backlog into realized, high-margin revenue over time.