Microsoft and Anthropic Fuel Nscale's $103 Billion AI Contract Pipeline

Nscale's growth in AI contracts is largely driven by just two customers: Microsoft and Anthropic.

The company credits its 1,000-fold jump in contracts over the past three years to these two names, which together represent 85% of the $103 billion total contract value Nscale highlighted before going public.

Microsoft has inked several agreements with Nscale since late 2025 that total about $43.8 billion and run through 2033, while in August Nscale agreed to provide Anthropic with $44.6 billion worth of computing capacity.

The big headline numbers do not translate into immediate revenue, however: only $2.6 billion of Nscale's contract value was live by the end of August, and for the first six months of the year, the company posted a $1.02 billion loss on $140.6 million in sales.