Data centers and energy · Funding and deals · Microsoft
Nscale filed for a New York IPO with a $103 billion backlog
The London-based company filed an S-1 with the SEC and plans to trade on the NYSE under the ticker NSCL. Active and contracted total contract value stood at $103.4 billion as of August 31, up from $38 billion at the end of 2025, with Microsoft and Anthropic alone accounting for up to $88.4 billion. The detail that puts the number in context: only $2.6 billion of that is active, and second-quarter revenue was just over $100 million.
Sources
- SEC (EDGAR), Nscale Limited's Form S-1 registration statement filed with the SEC, (sec.gov)
- Nscale, “Nscale Files Registration Statement for Proposed Initial Public Offering”, (nscale.com)
- TechCrunch, “Nscale’s IPO will test Wall Street’s appetite for concentrated AI bets once again”, (techcrunch.com)
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This story was posted on Instagram by @jarrus.tech on Sept. 22, 2026.
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This story in Turkish: Nscale New York’ta halka arz başvurusu yaptı, 103 milyar dolarlık iş birikimiyle
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