Microsoft, Anthropic dominate Nscale’s $103B IPO contract backlog

Anthropic official brand assets (anthropic.com) Nscale, a London-based AI infrastructure firm, has revealed that its upcoming U.S. IPO will feature a contract backlog largely composed of agreements with tech giants Microsoft and Anthropic. These two companies account for approximately 85% of Nscale’s $103.4 billion in contracted backlog. The filing highlights a significant compute deal with Anthropic, which involves a six-year contract for about 460 MW at Nscale’s West Virginia campus. However, this project does not yet have binding financing. This concentration of demand from major AI players suggests strong interest and reliance on Nscale’s infrastructure capabilities. Market participants appear to interpret the news as indicative of strong demand for Nscale’s services, potentially enhancing the IPO’s attractiveness. In prediction markets, this development may suggest increased confidence in Anthropic’s potential valuation at its IPO, with recent activity indicating shifts in expectations for its market cap. Key Takeaways The contract backlog of Nscale appears to be heavily dominated by Microsoft and Anthropic, suggesting strong market confidence in Nscale’s infrastructure. Anthr...