Nscale told prospective investors it had approximately $103 billion in total contracted revenue ahead of a potential initial public offering as soon as September 2026, according to investor documents reviewed by The Information and reported by Reuters on September 2. The figure puts a large contracted-capacity backlog at the centre of the AI infrastructure company’s pitch to investors, but it is not formal revenue guidance.
Anthropic agreement reportedly doubled contracted revenue
Nscale’s investor-pitched contracted-revenue figure rose from about $51 billion before the reported Anthropic agreement to roughly $103 billion afterward, a change that the agreement helped drive, according to The Information.
West Virginia Governor Patrick Morrisey’s office acknowledged reports on August 27 of an approximately $45 billion, six-year agreement for Anthropic to obtain AI-computing capacity at Nscale’s West Virginia campus. In its statement, the office called it a reported agreement and did not independently confirm its terms.
The available reports do not set out the full composition of Nscale’s remaining contracted revenue or the terms governing recognition of that revenue.
What the $103 billion figure represents
According to The Information, Nscale’s contracts average 5.7 years, implying about $18 billion in annualized contracted revenue. The figure comes from dividing the aggregate value by the average contract duration and should not be read as a company forecast for annual revenue.
The distinction matters for a prospective listing. Contracted revenue measures the value of agreements over their stated terms, while reported revenue would depend on capacity being delivered and recognised during each accounting period. The investor materials described the figures as illustrative rather than formal revenue guidance.
Nscale has not announced an IPO date in the material reviewed by Reuters. The prospective September 2026 timing reported to investors therefore remains a potential timetable rather than a confirmed market debut.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.