Nscale is preparing a U.S. initial public offering on the New York Stock Exchange under the ticker NSCL, targeting a valuation of around $30 billion. Microsoft and Anthropic account for approximately 85% of Nscale’s $103.4 billion contracted backlog. Microsoft has signed agreements worth about $43.8 billion through 2033, while Anthropic has agreed to a six-year contract for about 460 megawatts of computing capacity at Nscale’s West Virginia campus. The Anthropic project does not yet have binding financing. Earlier filing details described a broader planned eight-gigawatt West Virginia facility, with two gigawatts targeted for activation in 2028, and said Anthropic’s agreement was worth $44.6 billion. Only $2.6 billion of Nscale’s total contract value was active at the end of August, while remaining performance obligations stood at $56.4 billion. Nscale reported a $1.02 billion net loss on $140.6 million of revenue in the first six months of 2026, despite 1,252% year-on-year revenue growth. Market participants are assessing whether the concentrated backlog supports stronger demand and valuation expectations for Nscale and Anthropic, while financing, IPO pricing, regulatory developments and underwriter guidance remain key areas to watch.