Nscale IPO Filing Reveals Microsoft, Anthropic Account for 85% of $103B Contract Value

British AI infrastructure company Nscale Limited filed for a New York Stock Exchange listing, disclosing that Microsoft and Anthropic represent 85% of its $103 billion total contract value, according to Bloomberg. Only $2.6 billion of that backlog was active as of the end of August. Microsoft agreements signed since late 2025 total approximately $43.8 billion through 2033. A separate $44.6 billion Anthropic contract, signed in August, covers computing capacity at a planned eight-gigawatt West Virginia facility. Nscale has not secured financing for that deal, which includes performance milestones allowing Anthropic to terminate. Initial two gigawatts are targeted for activation in 2028. For the first half of 2026, Nscale reported a $1.02 billion net loss on $140.6 million in revenue, up 1,252% year over year. Remaining performance obligations stand at $56.4 billion. Nvidia has funded the company, supplied chips, and guaranteed roughly $860 million in lease obligations. Goldman Sachs, J.P. Morgan, and Morgan Stanley are lead underwriters. Nscale applied to list under ticker "NSCL."