The largest recent contract in Nscale's filings is a six-year agreement worth roughly $45 billion with Anthropic for capacity at its West Virginia campus, according to a report on the company's IPO filing. It accounts for nearly half of the increase in its backlog. The company also has a Microsoft agreement announced in October 2025 worth $14 billion for 200,000 Nvidia chips.
Fortune reported about 85% of Nscale's backlog comes from its Microsoft deal and the Anthropic agreement. The company's figures include contracted revenue that may not convert to recognized revenue, and its first-half loss was $1.02 billion on $140.6 million of revenue.
Source: Fortune