Nscale doubles contracted revenue to $103 billion after Anthropic win - report By Investing.com

Investing.com -- UK-based neocloud provider Nscale is informing prospective investors that its total contracted revenue has expanded to approximately $103 billion, bolstered by a landmark $45 billion computing deal with Anthropic, according to investor materials reviewed by The Information. The Nvidia-backed infrastructure firm could launch an initial public offering as soon as this month, utilizing the massive backlog to demonstrate sustained enterprise demand for specialized artificial intelligence compute capacity.

Nscale had previously disclosed $51 billion in contracted revenue prior to finalizing the Anthropic agreement and landing additional commitments from other AI-native clients. While the signed lease contracts carry an average duration of 5.7 years, equating to an annualized average of roughly $18 billion, a person familiar with the discussions cautioned that the metrics are illustrative and not intended as formal revenue guidance.

Beyond its long-term pipeline, internal documents reveal rapid sequential acceleration in Nscale's underlying business, with second-quarter revenue estimated to have topped $100 million. That figure marks a substantial increase from approximately $37 million recorded in the first quarter, notably without yet reflecting any financial contributions from the newly secured Anthropic contract.

The sheer scale of the contract additions underscores how specialized neocloud providers are leveraging intense AI compute demand to carve out market share ahead of major market debuts. Against that backdrop, prospective public investors will likely scrutinize how efficiently Nscale can convert its expanding illustrative backlog into realized, high-margin revenue over time.