Nscale's IPO filing shows about 85 percent of its $103 billion in contracts comes from Microsoft and Anthropic

British neocloud Nscale, which plans to list on the New York Stock Exchange, disclosed more than $103 billion in contracts in its IPO filing. About 85 percent of that comes from two customers. One is a deal to supply Microsoft with $43.8 billion in compute through 2033. The other is a $44.6 billion agreement with Anthropic. The Anthropic deal depends on Nscale obtaining financing, and the AI lab can walk away or cancel if Nscale misses milestones that the filing explicitly calls 'stringent.' Nscale was spun out of the Australian crypto-mining company Arkon Energy two years ago. TechCrunch places the filing within wider concern about concentration in AI infrastructure. It cites a Sona Asset Management paper which found that competitor CoreWeave gets 67 percent of its revenue from Microsoft, and that Applied Digital gets 67 percent from Oracle and 30 percent from CoreWeave. Sona noted that such links are not necessarily harmful, but warned that one setback at a major player could spread across the industry. The listing will show how much concentration risk public investors will accept.