Nvidia-Backed Nscale Touts $103 Billion Contract Book Ahead of IPO

Nscale is telling prospective investors that its signed contracts represent about $103 billion in future revenue as the British AI infrastructure provider prepares for a potential US initial public offering, according to documents reviewed by The Information.

The contracts have an average term of 5.7 years, implying about $18 billion of annualized contracted revenue, the documents showed. The total has more than doubled from the roughly $51 billion Nscale was reported to be presenting to investors in early August, following a large agreement with Anthropic and contracts with other AI developers.

The numbers are illustrative and do not constitute formal revenue guidance. Nscale has not publicly disclosed how much of the contract value is subject to construction milestones, capacity availability or other conditions, or when the revenue would be recognized.

That distinction is important because the $103 billion represents the value of multiyear commitments rather than sales already recorded. Nscale estimated that second-quarter revenue exceeded $100 million, up from about $37 million in the first quarter and roughly $33 million for all of 2025, according to the investor materials cited by The Information.

Reuters reported that Anthropic agreed to spend $45 billion renting AI computing capacity at Nscale’s Monarch campus in West Virginia. Nscale plans to deploy Nvidia’s next-generation Vera Rubin processors to support the AI developer’s workloads.

The West Virginia project illustrates the scale and execution risk behind Nscale’s contract book. The company said in March that it had agreed to acquire the site’s owner, American Intelligence & Power Corp., giving it control of a 2,250-acre campus in Mason County. Initial power capacity of 2 gigawatts is expected in the first half of 2028, with a potential expansion to more than 8 gigawatts by 2031. Those timelines mean some contracted revenue depends on facilities and computing equipment that are still being developed. Nscale has separately signed a letter of intent to supply as much as 1.35 gigawatts of capacity at the campus to Microsoft.

Nscale is considering raising as much as $3 billion in a US IPO that could take place as soon as September, Bloomberg News reported in August.

The company was valued at $14.6 billion in a $2 billion Series C funding round completed in March. Investors included Aker, Nvidia, Dell, Nokia, Jane Street and Point72. That financing followed a $1.1 billion Series B round in September 2025. Nscale also closed about $3 billion of senior secured loan commitments on Aug. 31 to finance GPU installations at data-center projects in Texas and North Carolina.

Nscale’s expansion has been underpinned by large agreements with Microsoft. The company said in October 2025 that it had contracted to deploy about 200,000 Nvidia GB300 processors for the software company across the US and Europe, including roughly 104,000 chips at a Texas campus. Nscale later announced plans for more than 66,000 Vera Rubin processors at a site in Portugal beginning in late 2027.

The contract book may help Nscale demonstrate demand to prospective shareholders, but investors will also have to assess how quickly the company can build the required power and data-center capacity, finance the equipment and convert long-dated commitments into reported revenue.