Nscale Files for IPO with Jaw-Dropping $103 Billion Contracted Revenue Backlog

Nscale, a UK-based AI infrastructure provider spun out of crypto mining operation Arkon Energy two years ago, has filed to go public on the NYSE under the ticker NSCL.

The company's S-1 registration with the SEC reveals stunning economics: a $103 billion contracted revenue backlog and a 1,252% jump in revenue for the first half of 2026 to $140.6 million.

Nscale operates a vertically integrated model, owning or contracting data centers across the US and Europe, managing power supply, GPU fleets, and software layers.

The company's largest contract is with Anthropic, valued at approximately $45 billion, while Microsoft is also listed as a key customer.