British AI infrastructure provider Nscale is preparing for a New York Stock Exchange listing with a contract backlog dominated by two customers. Its filing reports more than $103 billion in agreements, with about 85 percent tied to Microsoft and Anthropic.
The Microsoft deal covers $43.8 billion of computing capacity through 2033, while the Anthropic supply agreement is valued at $44.6 billion. Anthropic’s commitment depends on Nscale securing financing and allows cancellation if the company misses milestones described in the filing as stringent. That makes the headline contract total less certain than a diversified stream of completed sales.
Nscale generated $140.6 million in revenue during the six months ending June 30, up from $10.4 million a year earlier. Its net loss also expanded, reaching $1.02 billion compared with $369 million. Reports say the company seeks to raise $3 billion at a $35 billion valuation; it was valued at $14.6 billion in its recent Series C round.
Customer concentration is common in the sector, where a few AI labs and cloud companies buy most capacity. For public investors, the central risk is that financing trouble, a missed construction milestone or a strategy change at one major customer could affect much of Nscale’s expected revenue at once.