Nscale, the British cloud-computing provider backed by Nvidia, has told prospective investors that its contracted revenue has grown to about $103 billion, according to people familiar with the matter, and the company could launch an initial public offering as early as this month. The figure includes the roughly $45 billion computing agreement Nscale struck with Anthropic in August, one of the largest cloud contracts ever disclosed by an AI company. The disclosures came during investor conversations in recent days, the people said.
Contracted revenue is not revenue collected. It is the value of signed commitments, usually stretched over multiyear terms as capacity is delivered, and for a company in Nscale’s position it is the number investors care about most: how much of the capacity it is building has already been sold.
Nscale belongs to the generation of new clouds, or neoclouds, that emerged to supply computing power to AI labs faster than the big cloud providers could. Founded in 2024 and based in Britain, it builds data centers and operates GPU cloud services across Europe and the United States, with sites in Norway, England and Texas and a purchased campus in West Virginia. Nvidia led a $1.1 billion funding round in September 2025, and Jensen Huang, Nvidia’s chief executive, has said the company expects to have 300,000 of its chips running with Nscale by the end of this year.
The Anthropic agreement anchors the current numbers. Under the deal, reported in August, Anthropic would lease about 460 megawatts of computing capacity at Nscale’s West Virginia development, a campus expected to come online in late 2027 and to run on Nvidia systems. That single contract accounts for nearly half of the $103 billion in contracted revenue Nscale now cites, a concentration that cuts both ways: it gives lenders and IPO investors a marquee customer, and it ties a large share of the pipeline to one lab’s plans.
Nscale also signed Microsoft last year to supply 200,000 Nvidia accelerators, and it has become a pillar of the British government’s push for sovereign AI infrastructure. Ministers have spoken of the company in terms usually reserved for national projects, and Nscale has described itself as essential infrastructure for the country’s efforts to compete in artificial intelligence.
The timing of a listing would be significant. CoreWeave, the American neocloud that went public in March 2025, established a template for these businesses, and investors have shown an appetite for companies that own the hardware behind AI rather than the models themselves. Anthropic filed confidential IPO papers in June, which means the industry’s biggest users and suppliers could be courting public investors at the same time. Bankers say listings tied to AI infrastructure remain one of the most sought-after categories of new issuance.
Skeptics have their own arithmetic. The Financial Times has reported critically on Nscale, questioning the strength of its credit and how much of its operation is genuinely British. Convertibility is the analytical question: contracted revenue becomes real revenue only as campuses are built, chips are installed and power is delivered on schedule. A $103 billion pipeline that depends on one site coming online in late 2027 and on one customer’s demand holding up is a different asset from $103 billion of cash.
The power question is the one the whole industry is watching. AI data centers have become one of the largest new loads on electricity grids, and Nscale has been securing land and energy ahead of construction, treating power as a first-order input rather than a utility bill. Its leadership includes a chief power officer, an unusual title that signals how central electricity has become to the business model, and the company has described vertical integration from energy to compute as a core strategy.
The ramp in Nscale’s disclosed numbers has been fast even by neocloud standards. The company’s valuation, reported at $14.6 billion in March, reflected a business that had raised more than $1.5 billion in equity in under two years, and its board now includes former Meta executives who joined earlier this year. A contracted pipeline above $100 billion, if it holds, would put the company’s eventual revenue at a scale that justifies a public listing of a different order of magnitude, which is precisely why the disclosures are being read so closely by prospective investors.
The contracted figure also reflects how the AI economy is financing itself. Laboratories like Anthropic are signing decade-scale agreements for computing capacity rather than buying machines outright, which spreads their costs and shifts construction risk to suppliers. In exchange, suppliers like Nscale gain revenue visibility long enough to borrow against, and the headline numbers grow quickly because the contracts are enormous even when the cash flows arrive over many years.
An IPO this month would put those claims under the harshest light available. Bankers and analysts will test how much of the $103 billion is conditional, how the contracts are priced and what happens if delivery slips. For investors the pitch is simple: the machines are sold before they are built, and the customers signing the contracts are the same laboratories driving the industry’s demand for compute. For Nscale, the challenge is proving that the queue of customers and the queue of power lines converge on time.
