JD

NVIDIA-BACKED NSCALE FILES FOR NYSE IPO UNDER $NSCL; REVEALS $103.4B OF CONTRACT VALUE Here’s everything you need to know: Nscale is a UK-based AI cloud company headquartered in London. It builds and operates data centers, GPU infrastructure and cloud software that customers use to train AI models and run them in production. Its filing reports $103.4B in total contract value as of Aug. 31, up from $38B at the end of 2025. These are multi-year contract amounts, not annual revenue or cash already collected. ANTHROPIC: UP TO $44.6B Agreements signed Aug. 25 cover Nvidia Vera Rubin computing systems at Nscale’s planned West Virginia campus. The key financing disclosure: Nscale says it does not yet have binding commitments for the financing needed to deliver the Anthropic buildout. The filed agreement also includes a right to terminate if the required financing is not secured by an agreed deadline. MICROSOFT: UP TO $43.8B THROUGH 2033 Microsoft is Nscale’s other major customer. Its previously announced deployment program includes roughly 200,000 Nvidia GB300 GPUs across the U.S., UK, Portugal and Norway, with Dell participating in the infrastructure rollout. The disclosed Microsoft and Anthropic contract amounts together reach $88.4B, equivalent to roughly 85% of Nscale’s total contract value. How much capacity is actually running? Nscale had approximately 461,000 GPUs active or contracted at the end of August, but only about 25,000 were operating. That distinction matters: the contracted footprint is substantially larger than the infrastructure already delivering services. First-half 2026 financials • Revenue: $140.6M, up from $10.4M a year earlier • Operating loss: $492M • Net loss: $1.02B, including $457M in fair-value losses Nvidia backing and fresh financing Nvidia agreed to invest $1B as part of a $3.1B convertible financing signed Sept. 15. Earlier this year, Nscale raised $2B at a $14.6B valuation, with backers including Nvidia, Dell, Nokia, Citadel, Jane Street and Point72. That was its March funding valuation, not an announced IPO valuation. The offering Goldman Sachs, J.P. Morgan and Morgan Stanley are leading the proposed NYSE listing. The share count and price range have not yet been determined. The filing puts the opportunity and the execution challenge side by side: substantial customer commitments, but much of the capacity still needs to be financed, built and brought online.

NSCALE SEEKS $3.5B IN PRE-IPO FINANCING Nscale is in talks to raise up to $1.5B through convertible notes, with Third Point set to lead, while separately seeking about $2B in financing from $NVDA, per Bloomberg. The AI cloud company could then raise another ~$3B in an IPO. Nscale is telling investors it has ~$103B in contracted value, including its $45B Anthropic agreement, and estimates the business could eventually generate ~$18.1B in annual revenue and ~$13.6B in adjusted EBITDA. Those figures are illustrative, not formal guidance. Nscale has also contracted for roughly 194,000 NVIDIA Vera Rubin GPUs and this week signed a $3.5B+ compute deal with Figure.