Nvidia-backed AI company Nscale reveals staggering $103B contracted revenue ahead of IPO

A company most people hadn’t heard of a year ago now claims more contracted revenue than the GDP of Guatemala. Nscale, a UK-based AI cloud infrastructure provider backed by Nvidia, has disclosed approximately $103 billion in total contracted revenue, roughly doubling its previous $51 billion backlog figure.

The catalyst behind that leap: a $45 billion computing-capacity agreement with Anthropic, the Claude AI maker that has quietly become one of the largest buyers of GPU infrastructure on the planet.

Inside the Anthropic megadeal

The Anthropic contract, signed around August 26, 2026, covers 460 megawatts of capacity at Nscale’s upcoming data center campus in West Virginia. That facility is projected to come online by the end of 2027.

Nscale has secured contracts for approximately 194,000 Nvidia Vera Rubin GPUs, which are Nvidia’s next-generation chips designed for the most demanding AI workloads.

The road to a New York IPO

Nscale is targeting a September 2026 IPO in New York, with Goldman Sachs and JPMorgan among its advisors. The listing could raise an additional $3 billion, adding to what has already been a capital-intensive ramp.

The company closed a $2 billion Series C funding round in March 2026, valuing it at $14.6 billion. That round came before the Anthropic contract was announced, meaning the company’s implied valuation today is likely substantially higher.

Nvidia is actively participating in Nscale’s pre-IPO capital raise of up to $3.5 billion, contributing roughly $2 billion directly and partnering in funding convertible notes led by Third Point.

Nscale’s revenue trajectory tells the growth story in compressed form. Q2 2026 revenue estimates exceed $100 million, up from approximately $37 million in Q1 2026.

Still, a word of caution is warranted. The $103 billion figure represents total contracted revenue over the life of these agreements, not annual revenue. Industry observers have noted that backlog figures of this nature are primarily illustrative and should not be confused with formal revenue forecasts.

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