Nscale IPO highlights concentrated AI-infrastructure bets tied to Microsoft and Anthropic
Nscale’s NYSE IPO filing discloses the neocloud has amassed over $103 billion in contracts but about 85% of that value is linked to two customers — a $43.8 billion deal with Microsoft and a $44.6 billion agreement with Anthropic that is contingent on financing and stringent milestones. The company is targeting a roughly $35 billion valuation, aiming to raise about $3 billion, and reported rapid revenue growth alongside widening net losses.