At a glance
- Nscale reports $6.4 billion of active total contract value and $105.8 billion of contracted total contract value under long-term take-or-pay contracts, up from $0.5 billion and $38.0 billion at Dec. 31, 2025.
- An allocator buying the equity, or a counterparty extending credit to Nscale, is underwriting construction and commissioning as much as contracted revenue, since 411,000 of the 461,000 GPUs those contracts cover are not yet running.
- The new filing reports full-year 2025 revenue of $33 million, up 73% from $19.1 million in 2024.
Nscale has doubled its active GPU fleet to 50,000 since Aug. 31, according to a new IPO prospectus that also sets out how its agreements with Anthropic are expanding at a West Virginia campus.
Nscale reports $6.4 billion of active total contract value and $105.8 billion of contracted total contract value under long-term take-or-pay contracts, up from $0.5 billion and $38.0 billion at Dec. 31, 2025. The $99.4 billion difference is a delivery schedule: 411,000 of the 461,000 GPUs those contracts cover are not yet running.
An allocator buying the equity, or a counterparty extending credit to Nscale, is underwriting construction and commissioning as much as contracted revenue, since 411,000 of the 461,000 GPUs those contracts cover are not yet running. Data Center Dynamics reported that the company now lists seven active data center sites, up from five. Nscale claims 1.37GW of active and contracted capacity.
The new filing reports full-year 2025 revenue of $33 million, up 73% from $19.1 million in 2024. An earlier August prospectus showed $140.6 million of revenue for the six months to June 30, 2026, up 1,252% year on year, with losses of $1.02 billion against $368.9 million a year earlier; the periods are not directly comparable.
The two companies signed a $45 billion compute agreement in August for Nscale's Monarch Compute Campus in West Virginia. On Sept. 29, 2026, Anthropic exercised a right to contract for additional compute in Building 2, and the parties gave themselves 60 days, subject to mutual extension, to negotiate an agreement in good faith. Anthropic may then exercise a right on Building 3 within 15 business days of the Building 2 agreement being signed by both sides, opening a second 60-day window.
Anthropic has also been buying generation directly: as Private Wealth Daily previously reported, it took over a $3.4 billion Caterpillar generator order for 1.7GW, with Texas supplier OnePWR helping install the sets at its sites.
The next dated decision is Anthropic's Building 3 election, due within 15 business days of the Building 2 signature.
Reported by the Data centers & fiber desk from Data Center Dynamics and Private Wealth Daily archive. Published . Corrections