Nscale

Investors want Nscale priced at half its $30bn ask, and its own filing shows $2.6bn of a $103.4bn book is active

Nscale filed on 18 September and has still not begun formal marketing. Some backers are arguing for $16bn to $19bn instead.

Microsoft has walked away from the Essex site meant to hold 23,040 of its Nvidia chips, weeks before Nscale lists

The site was Nscale's only announced customer for that building. Nscale says its wider relationship with Microsoft is unaffected and that it is looking at other power sources.

Nscale has raised $3.36bn in convertible notes that turn into shares the moment it lists

The British data centre operator says its contracted revenue now exceeds $103bn. It filed to list last week, days after the money was arranged.

Nscale files to list in New York on the strength of a $44.6bn contract with Anthropic

The London company was worth $14.6bn privately in March. Reports put the listing target at about $30bn.

Anthropic has tied up 14.8 gigawatts of compute in eleven months, and may spend $517bn on it

The individual deals were announced one at a time. Added up, they describe a company that has committed more than a decade of revenue it does not yet have.

Nscale seeks $3.5bn before its listing, on a backlog that doubled in a month

The British compute provider booked $33m of revenue in 2025. Its signed customer contracts now total $103bn, most of it a single six-year deal with Anthropic.