Nscale's $103 Billion in Future Contracts Depends on Two Deals

Nscale listed over $103 billion in contracted backlog — future revenue already under contract — in its September 18 IPO filing. About 85% rests on a $43.8 billion Microsoft commitment for computing capacity through 2033 and a $44.6 billion Anthropic supply agreement. The Anthropic deal requires financing and allows cancellation if Nscale misses strict milestones.