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FollowingNscale disclosed more than US$103 billion in contract revenue to potential investors, with IPO expectations pointing to September 2026.
According to a Reuters report on September 2, investor documents reviewed by The Information showed that before the initial public offering (IPO) that may take place in September 2026, Nscale told potential investors that its total contract revenue was approximately US$103 billion. This figure puts the huge backlog of contracted capacity at the heart of the company's recommendation to investors, but the figure is not a formal guide to revenue.
Anthropic agreement doubles signing revenue
The Information reported that before reaching an agreement with Anthropic, Nscale promoted signing revenue to investors at approximately US$51 billion; after the agreement was reached, this figure jumped to approximately US$103 billion. The agreement is said to be the main factor driving this significant growth.
West Virginia Governor Patrick Morrisey's office confirmed reports on August 27 that Anthropic and Nscale signed a six-year, approximately $45 billion agreement to acquire AI computing power on the West Virginia campus. The office called it a "reported agreement" in its statement and did not independently confirm its specific terms.
The currently published report does not detail the specific composition of Nscale's remaining contracted income, nor does it disclose the relevant terms governing the recognition of these income.
The true meaning of the US$103 billion data
According to The Information's analysis, Nscale's average contract duration is 5.7 years, which means its annualized contract revenue is approximately $18 billion. This figure is derived by dividing the total contract value by the average contract duration and should not be interpreted as a company's forecast of future annual revenue.
This distinction is crucial for companies planning to list. "Contract revenue" measures the total value of the agreement over the entire contract period, while "reported revenue" depends on the actual delivery and recognition of production capacity during each accounting period. Investor materials clearly state that these data are only illustrative and not formal revenue guidance.
Nscale has not announced a specific IPO date in materials reviewed by Reuters. Therefore, the September 2026 time point previously communicated to investors is still a potential timetable rather than a determined market listing date.
