Nscale lists $103.4 billion in AI data center contracts as delays pile up

Nscale has a contract book that would make most infrastructure companies blush. According to its SEC S-1 filing, the UK-based AI data center company has a total contract value of $103.4 billion, anchored by deals with Microsoft and Anthropic. The filing, dated September 18, 2026, comes ahead of a proposed New York Stock Exchange IPO under the ticker NSCL. Nscale is reportedly aiming for a valuation of up to $35 billion. Bloomberg reports that the company is facing project delays even as it pitches that massive backlog to public market investors. A huge backlog with a small live footprint Microsoft and Anthropic together account for approximately 85% of Nscale’s total contract value. Microsoft’s contracts are worth about $43.8 billion and run through December 2033. Anthropic’s agreements were signed on August 25, 2026. They are valued at up to $44.6 billion for 460 megawatts of capacity at the Monarch campus in West Virginia. Only $2.6 billion of the contract value is tied to live operational capacity. That live capacity stands at 55 megawatts, all of it in Europe. Meanwhile, signed contracts cover 1.37 gigawatts. Revenue is soaring, and so are losses Nscale reported revenue of $140...