Nscale, a British company that rents Nvidia computing power to AI developers, filed for a New York Stock Exchange listing last week showing Microsoft and Anthropic behind $87.7 billion of its $103 billion contract book, according to Bloomberg. Only $2.6 billion of that was active at the end of August, and Anthropic’s $44.6 billion agreement for an eight-gigawatt West Virginia site has no financing behind it yet. Anthropic can also walk away if Nscale misses build milestones or fails to hold computing performance steady, so the agreement itself is not rock solid. Nscale lost $1.02 billion in the first half of 2026 on $140.6 million of revenue, however, Nvidia has guaranteed roughly $860 million of its leases.
