Nscale IPO Tests Wall Street Appetite for Concentrated AI Bets as 85% of Revenue Tied to Microsoft, Anthropic

British neocloud Nscale plans to list on the NYSE at a targeted $35 billion valuation, seeking $3 billion in an offering that will test public investors' tolerance for a stock whose revenue is overwhelmingly concentrated in two customers. About 85% of Nscale's $103 billion contract backlog stems from a $43.8 billion compute supply deal with Microsoft through 2033 and a $44.6 billion agreement with Anthropic. The Anthropic deal is contingent on Nscale securing financing, and the AI lab may cancel if the company misses milestones the filing calls "stringent." The concentration echoes broader AI infrastructure risk. Credit hedge fund Sona Asset Management found peers face similar exposure: CoreWeave draws 67% of revenue from Microsoft, while Applied Digital derives 67% from Oracle and 30% from CoreWeave. Nscale reported $140.6 million in revenue for the six months ended June 30, 2026, up from $10.4 million a year earlier. Net losses widened to $1.02 billion from $369 million. Nvidia agreed this month to provide $1 billion in convertible debt.