London-based AI infrastructure company Nscale has disclosed that its upcoming U.S. IPO will be supported by a substantial contract backlog. Microsoft and Anthropic represent the primary clients, accounting for approximately 85% of the total $103.4 billion in contracted backlog.
A key component of this backlog is a six-year agreement with Anthropic for 460 MW of capacity at Nscale’s campus in West Virginia. The company noted that this specific project currently lacks binding financing, which remains a factor for market observers to monitor regarding the sustainability of demand.
The concentration of these major AI players in Nscale’s portfolio is viewed by market participants as a signal of high demand for infrastructure services. This development is expected to influence perceptions surrounding the valuation and IPO prospects of both Nscale and Anthropic as market expectations continue to shift.
