Nscale, a UK-based AI data center company spun off from cryptocurrency miner Arkon Energy, filed an S-1 with the SEC ahead of a planned NYSE IPO under the ticker NSCL, targeting a valuation of up to $35 billion. The company reports a total contract value of $103.4 billion, with Microsoft and Anthropic accounting for approximately 85% of that backlog, yet only $2.6 billion is tied to live operational capacity of 55 megawatts versus 1.37 gigawatts in signed contracts. The Anthropic contract remains unfunded and the flagship Glomfjord site in Norway has faced a six-month construction delay. Nscale reported revenue of $140.6 million for H1 2026, up 1,252% year over year, alongside a net loss of $1.02 billion.
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