Nscale's $103 Billion Backlog Rests on Microsoft and Anthropic Deals

Nscale disclosed over $103 billion in contracted backlog in its September 18 IPO filing, with about 85% tied to a $43.8 billion Microsoft compute commitment through 2033 and a $44.6 billion Anthropic supply agreement. The Anthropic deal is contingent on financing and allows cancellation if Nscale misses stringent milestones.