Nscale Eyes $35 Billion NYSE IPO as 85% of Contracts Depend on 2 Customers

3 articles · Updated · TechCrunch · Sep 22

$35 billion is the valuation Nscale expects for its NYSE listing, up from the roughly $30 billion target reported a day earlier, with Bloomberg saying it aims to raise $3 billion.
$103 billion in contracts underpins that pitch, but about 85% comes from two deals — $43.8 billion with Microsoft through 2033 and $44.6 billion with Anthropic.
Anthropic’s agreement carries added risk because it depends on Nscale securing financing, and the AI lab can cancel if the company misses filing-described “stringent” milestones.
Revenue rose to $140.6 million in the six months to June 30 from $10.4 million a year earlier, while net losses widened to $1.02 billion from $369 million.
The filing highlights a broader AI infrastructure pattern: CoreWeave gets 67% of revenue from Microsoft, showing how a strategic shift by one major customer can ripple across the sector.