85% of Nscale’s $103B of contracts are with Microsoft and Anthropic

British data center developer Nscale revealed in its initial public offering (IPO) filing that Microsoft Corp. and Anthropic PBC together account for 85% of its total $103 billion contract value. According to the S-1 filing, Microsoft signed multiple agreements since late 2025 valued at roughly $43.8 billion through 2033, while Anthropic entered a $44.6 billion compute deal in August running through the same year. Nscale highlighted significant customer concentration risk, noting that only $2.6 billion of its contract backlog was active as of August. The company is targeting a New York IPO valuation of up to $35 billion despite reporting a net loss of $1.02 billion on $140.6 million in revenue for the first half of the year. Key backer and chip supplier Nvidia Corp. participated in a recent $3.1 billion financing round with a $1 billion investment and provides lease backstops. The immense contract sizes underscore the escalating capital commitments major tech and AI firms are making to secure critical cloud computing infrastructure.