Nscale IPO Bets Big on Two Customers

British neocloud Nscale is heading to the NYSE seeking a $35 billion valuation and $3 billion in fresh capital. Its IPO filing reveals over $103 billion in contracts, but 85% comes from just two deals: $43.8 billion with Microsoft and $44.6 billion with Anthropic, the latter contingent on financing milestones Nscale itself calls stringent. The offering highlights growing concentration risk across AI infrastructure, where rivals like CoreWeave and Applied Digital also depend heavily on single customers. Nscale reported $140.6 million in revenue for the first half of 2025, up sharply from $10.4 million a year prior, but net losses ballooned to $1.02 billion. Nvidia recently committed $1 billion in convertible debt to the company.