Nscale's filing exposes two-customer dependence before its IPO test
About 85% of Nscale's $103B contract book sits with Microsoft and Anthropic, and the Anthropic deal carries conditions; the IPO will price that concentration.
Original event 2026-09-22
British neocloud Nscale has filed for an IPO disclosing over $103 billion in contracts, but roughly 85% sits in two deals: $43.8 billion from Microsoft through 2033 and $44.6 billion from Anthropic.
The Anthropic agreement is contingent on Nscale obtaining financing, and the filing itself labels the relevant milestones "stringent," with Anthropic retaining the right to walk away. First-half revenue was $140.6 million, up sharply year over year, while net losses widened to $1.02 billion.
The concentration is not unique: per research by credit hedge fund Sona Asset Management, CoreWeave draws about 67% of revenue from Microsoft and Applied Digital about 67% from Oracle. Nscale plans to list on the NYSE; the FT reports an expected $35 billion valuation and Bloomberg a sought $3 billion raise — both attributed reports of intentions, not completed terms.