Nscale lists $103.4 billion in AI data center contracts as delays pile up

The former crypto mining spinoff has deals with Microsoft and Anthropic, but only a sliver of that backlog is live today Nscale has a contract book that would make most infrastructure companies blush. According to its SEC S-1 filing, the UK-based AI data center company has a total contract value of $103.4 billion, anchored by deals with Microsoft and Anthropic . The filing, dated September 18, 2026, comes ahead of a proposed New York Stock Exchange IPO under the ticker NSCL. Nscale is reportedly aiming for a valuation of up to $35 billion. Bloomberg reports that the company is facing project delays even as it pitches that massive backlog to public market investors. Microsoft and Anthropic together account for approximately 85% of Nscale’s total contract value.

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