Nscale’s contract value doubles as its IPO valuation faces scrutiny

Nscale’s total contracted value has more than doubled since March, according to CEO Josh Payne. The London-based AI cloud company now reports a backlog of $103.4 billion, as of August 31, 2026. Nscale is preparing a US IPO, and investors are debating whether a company with a nine-figure revenue line deserves an eleven-figure price tag. The numbers behind the backlog TCV has climbed from $38 billion at the end of 2025 to around $51 billion, and now to more than $103 billion. Two customers account for most of it. Nscale holds roughly $44.6 billion in contracts with Anthropic and $43.8 billion with Microsoft. Together, those two relationships make up approximately 85% of the backlog. Nscale reported $140.6 million in revenue for the first half of 2026, an increase of more than 1,250% year over year. The company posted a net loss of $1.02 billion over the same period. An IPO priced on promises Nscale is reportedly seeking a valuation between $30 billion and $35 billion in its US listing. Before going public, it has raised $3.36 billion through pre-IPO convertible notes, a form of debt that can later convert into equity. Investor sentiment has been mixed, with a more conservative valuat...