Up to 86% of Nscale’s $103.4B Backlog: Microsoft, Anthropic
By Google News AI ·
Nscale’s IPO registration statement, filed with the SEC on 18 September 2026, says the company had about $103.4 billion of active and contracted total contract value (TCV) under long-term take-or-pay contracts as of 31 August 2026, of which about $2.6 billion was active (Nscale S-1). Two customers’ agreements could account for up to about 86% of it, by our arithmetic.
The S-1 says statements of work signed with Microsoft between September 2025 and April 2026 provide for payments of “up to approximately $43.8 billion through December 2033”, and that agreements signed with Anthropic on 25 August 2026 provide for “aggregate payments to us of up to approximately $44.6 billion”. Together that is up to $88.4 billion, about 86% of the $103.4 billion, by our arithmetic.
Business Pill · Concentration https://www.youtube.com/watch?vzfRwMQ2RUIY An evergreen Business Engineer explainer on concentration. It teaches the general idea only and does not discuss Nscale. The key insight: Nscale's S-1 reports $103.4 billion of active and contracted TCV, $2.6 billion of it active, alongside Microsoft agreements for up to $43.8 billion and Anthropic agreements for up to $44.6 billion.
What the Filing Says About the Contracts Both deals are conditional. The Microsoft payments are “subject to the satisfaction of delivery and availability of service requirements”, and the Anthropic payments are “subject to our satisfaction of specified delivery and service availability requirements”, the S-1 says.
It adds that the Anthropic agreements require Nscale to use best efforts to obtain financing for the GPUs and data center at its Monarch Compute Campus, and that, as of the prospectus date, “we have not obtained binding commitments for any of the financings required to fund performance under the Anthropic Services Agreements”. The contracts carry a 5.7-year weighted average life as of 31 August 2026, the filing says.
At the end of 2025, Nscale reported $0.5 billion of active and $38.0 billion of active and contracted TCV. Business Engineerthe Map of AI — 200+ companies across 9 layersRead → Nscale's S-1 reports $103.4 billion of active and contracted TCV as of 31 August 2026, $2.6 billion of it active; Microsoft statements of work provide for up to $43.8 billion and Anthropic agreements for up to $44.6 billion.
The remainder ($15.0B) is our arithmetic. Data: Nscale S-1. Revenue, Losses and Customers Revenue for the six months to 30 June 2026 was $140.6 million, against $10.4 million a year earlier, and the net loss was $1,020.1 million, the S-1 shows. Its largest customer accounted for 52% of revenue in the first half of 2026 and 73% in 2025.
The filing counted about 25,000 active GPUs and 461,000 active and contracted GPUs as of 31 August 2026. The carrying value of total debt was $137.4 million at 30 June 2026; on 15 September Nscale agreed subscriptions of at least $3.1 billion: $2.1 billion of unsecured convertible loan notes plus $1.0 billion to Nvidia in convertible loan notes or non-voting shares, as applicable.
Where This Week's Microsoft Report Fits The Financial Times reported this week that Microsoft had not exercised an option to expand its Nscale contract (our piece).
MoneyDJ, relaying the FT, wrote that Nscale clarified that the option covered about 500MW of additional capacity on a site Nscale owns and that, according to people familiar with the matter, the decision does not affect Nscale’s $103 billion contract backlog. We have not read the FT article…
Originally published by Google News AI
