Nscale, a UK-based AI data center firm, has filed for an IPO on the New York Stock Exchange under the ticker NSCL. The company is targeting a valuation of up to $35 billion. According to its SEC S-1 filing from September 18, 2026, the firm holds a total contract backlog valued at $103.4 billion.
Microsoft and Anthropic account for approximately 85% of this total value. Microsoft contracts are worth $43.8 billion and extend through December 2033. Anthropic agreements, signed on August 25, 2026, are valued at up to $44.6 billion for 460 megawatts of capacity at the Monarch campus in West Virginia.
Currently, only $2.6 billion of the backlog is tied to live operational capacity, which totals 55 megawatts in Europe. Signed contracts cover 1.37 gigawatts. For the first half of 2026, Nscale reported revenue of $140.6 million and a net loss of $1.02 billion.
The company faces operational challenges, including a six-month delay at its Glomfjord site in Norway, which currently operates at 6.4 megawatts. Additionally, the Anthropic contract remains unfunded as Nscale has yet to secure financing for the project. Nvidia acts as a partner, investor, supplier, and guarantor for the firm.
