Nscale’s contract value doubles as its IPO valuation faces scrutiny

The AI cloud firm born from a crypto mining operation now reports more than $103 billion in contracted value ahead of a planned US listing Nscale’s total contracted value has more than doubled since March, according to CEO Josh Payne. The London-based AI cloud company now reports a backlog of $103.4 billion, as of August 31, 2026. Nscale is preparing a US IPO, and investors are debating whether a company with a nine-figure revenue line deserves an eleven-figure price tag. TCV has climbed from $38 billion at the end of 2025 to around $51 billion, and now to more than $103 billion. Two customers account for most of it. Nscale holds roughly $44.6 billion in contracts with Anthropic and $43.8 billion with Microsoft .

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