London-based AI cloud firm Nscale reported a total contracted value of $103.4 billion as of August 31, 2026. This figure has more than doubled since March, rising from $38 billion at the end of 2025 to $51 billion, and subsequently to its current level.
The company, which originated from the crypto mining firm Arkon Energy in May 2024, is preparing for a US IPO. It currently seeks a valuation between $30 billion and $35 billion, though some investors suggest a more conservative range of $16 billion to $19 billion.
Revenue for the first half of 2026 reached $140.6 million, marking a year-over-year increase of over 1,250%. Despite this growth, the company recorded a net loss of $1.02 billion during the same period. Before the IPO, Nscale raised $3.36 billion through convertible notes.
Anthropic and Microsoft account for approximately 85% of the total backlog, with contracts valued at roughly $44.6 billion and $43.8 billion, respectively. While Microsoft recently terminated a specific UK data center contract due to power delays, the broader partnership remains active.
