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 valuation of $16 billion to $19 billion floated amid broader uncertainty across the AI infrastructure sector.
Payne has pointed to what he describes as insatiable demand for AI infrastructure and argued that the company still has substantial room to grow, despite market concerns about the filing.
Microsoft recently terminated a contract for a UK data center because of power delays, though it has kept its broader relationship with Nscale intact.
From mining rigs to AI racks
Nscale’s origins sit in crypto. The company was spun out of Arkon Energy, a cryptocurrency mining operation, in May 2024.
Nscale is one of several companies betting that this infrastructure playbook translates from hashing blocks to training models. Its closest competitors include CoreWeave and Nebius, both of which sell access to large clusters of AI computing hardware.
Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.