Nvidia-Backed Nscale Secures $103 Billion in Contracted Revenue

Nvidia-backed AI cloud company Nscale has reportedly secured $103 billion in contracted revenue, an impressive figure considering it was founded only in 2024. This number is based on documents shown to prospective investors and reviewed by Reuters.

The contracts last an average of about 5.7 years, translating to roughly $18 billion in annualised contracted revenue. However, a source familiar with the discussions cautioned that the figures were illustrative and weren’t formal revenue guidance.

Nscale's $103 billion number needs context: it represents commitments that could turn into revenue over several years as Nscale builds and operates the enormous computing infrastructure its customers have ordered.

The company is building around Nvidia's next AI platform, Vera Rubin, which will be used in data centres across Europe. Much of today’s AI infrastructure race isn't about the GPUs already running; companies are signing deals around hardware and data centres that won’t reach full deployment until later.