Nscale, a London-based artificial intelligence company spun out of a cryptocurrency mining operation, reported total contracted value of $103.4 billion as of August 31, 2026, up from $38 billion at the end of 2025. Its contracts with Anthropic and Microsoft account for approximately 85% of that amount, at $44.6 billion and $43.8 billion respectively. In the first half of 2026, the company recorded $140.6 million in revenue, an increase of more than 1,250% year over year, but also reported a $1.02 billion net loss. Ahead of its planned US listing, Nscale is seeking a valuation of $30 billion to $35 billion, while more conservative estimates range from $16 billion to $19 billion. The company has already raised $3.36 billion through pre-IPO convertible notes, despite uncertainty surrounding artificial intelligence infrastructure and Microsoft’s termination of a contract involving a UK data center.
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