Nscale Contracted Revenue Doubles to $103 Billion After Anthropic Deal, Report Says

UK-based neocloud provider Nscale has informed prospective investors that its total contracted revenue has surged to approximately $103 billion, according to a report from *The Information* that reviewed company materials. The dramatic increase is largely attributed to a landmark computing deal with artificial intelligence firm Anthropic, positioning the company with a massive backlog as it reportedly considers an initial public offering.

Landmark AI Deal Boosts Backlog

The new backlog figure represents a doubling from the $51 billion in contracted revenue Nscale had previously disclosed. The primary driver for this growth was a $45 billion agreement with Anthropic, alongside additional commitments from other AI-native clients.

Key details from the investor materials include:

• Total Contracted Revenue: Approximately $103 billion
• Anthropic Contract Value: $45 billion
• Average Contract Duration: 5.7 years

While the contracts equate to an annualized average of roughly $18 billion, a person familiar with the discussions cautioned that these metrics are illustrative and not intended as formal revenue guidance, the report noted.

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Strong Growth Ahead of Potential IPO

The Nvidia-backed infrastructure firm could launch an IPO as soon as this month, using the expanded backlog to demonstrate sustained demand for specialized AI compute capacity. The report also highlighted rapid underlying growth, separate from the new Anthropic deal.

Internal documents reportedly show Nscale's second-quarter revenue is estimated to have topped $100 million. This marks a substantial sequential increase from the approximately $37 million recorded in the first quarter, with neither figure yet reflecting financial contributions from the Anthropic contract.

Market Implications

The scale of Nscale's contract wins underscores how specialized providers are leveraging intense demand for AI computing to secure significant market share. For prospective public investors, a key focus will be on the company's ability to convert its large, long-term backlog into realized, high-margin revenue efficiently over the life of the contracts.