Nscale reported a net loss of $1.02 billion on $140.6 million of revenue for the first half of 2026, against a company-stated $103 billion contracted backlog, about 85% from Microsoft and Anthropic. CoreWeave has more than $51 billion of debt and obligations.
Backlog is a promise of future revenue; it is only valuable if customers keep paying and capacity is delivered on time. Nscale itself flagged "substantial doubt" about going concern at one point, according to one report. Lenders and public investors will test these assumptions in the coming months.
Source: Runtime Wire