Nscale's S-1 shows $103.4 billion contracted, $2.6 billion live and a customer that lost its name

Nscale, the AI infrastructure company that has filed to list on the New York Stock Exchange under the symbol NSCL, has put some of the largest numbers yet into a public filing: $103.4 billion of contracted revenue, a $44.6 billion Anthropic agreement and a net loss of $1.02 billion in six months. The Form S-1 filed on September 18, 2026 also tells a quieter story, about one customer. In February a confidential draft named ByteDance as the largest 2025 customer. The public S-1 gives the share and leaves the name out.

What the S-1 says about the money

All figures below are from the S-1 and are the company's own, not audited projections.

• Revenue. $140.6 million for the six months ended June 30, 2026, against $10.4 million in the same period of 2025. Full-year revenue was $33.0 million in 2025 and $19.1 million in 2024.
• Net loss. $1,020.1 million for the six months ended June 30, 2026, $761.8 million in 2025 and $78.2 million in 2024.
• Contracted revenue. Active and contracted total contract value under long-term take-or-pay contracts was $103.4 billion as of August 31, 2026, up from $38.0 billion at the end of 2025. Active TCV, the part currently live, was $2.6 billion. The weighted average contract life is about 5.7 years.
• Microsoft. Statements of work signed between September 2025 and April 2026 provide for payments "of up to approximately $43.8 billion" through December 2033, excluding optional extensions.
• Anthropic. On August 25, 2026, Nscale entered GPU services agreements with Anthropic for dedicated infrastructure at the Monarch Compute Campus in West Virginia, with aggregate payments "of up to approximately $44.6 billion."

The gap between $103.4 billion contracted and $2.6 billion active is the story an investor should read first. It is a pipeline, mostly of data centers not yet built, and it depends on delivering them on schedule.

The customer who went missing

Customer concentration is the number to watch. The S-1 says a single customer accounted for "substantially all" of revenue in 2024. In 2025 the largest customer was 73% of revenue, and in the first half of 2026 it was 52%.

The February 17, 2026 confidential draft, filed under the name DSNS Holdings Limited, said: "For the year ended December 31, 2025, our largest customer was ByteDance, which accounted for % of our revenue." The percentage was blank. The same risk factor warned about changes in demand from "Microsoft or ByteDance."

The S-1 contains no equivalent sentence about ByteDance in the part we read, and its key-customer risk factor now names "Microsoft, Anthropic, or our other key customers" in its place, according to a reading of the filings by FourWeekMBA. We did not find a filing that explains why the name was dropped, and we did not contact Nscale or ByteDance. Nor do the filings say whether the 2025 customer behind the 73% figure is the one the February draft named. Treat the link as likely but unconfirmed.

Why a customer name matters

Companies are not obliged to name every large customer, and removing a name between drafts is normal when a company negotiates confidentiality. It still matters here for two reasons.

First, the buyer of AI compute decides what the supplier is worth. The February draft described a business leaning on a Chinese platform company and Microsoft. The September filing describes one leaning on Microsoft and Anthropic, two American buyers, with $88.4 billion of the headline contract figure coming from those two agreements alone ($43.8 billion plus $44.6 billion, our arithmetic from the filing). That is a different risk profile, and a prospective investor would want it stated plainly, because the same company would be exposed to two very different sets of counterparties and rules.

Second, concentration falls fast but remains high. A fall from "substantially all" of revenue in 2024 to 73% in 2025 and 52% in the first half of 2026 shows diversification, and also that more than half of revenue still comes from one buyer. Our tracker on the Anthropic IPO covers the financing of one of the two big buyers named in this filing.

How to read the scale

Set the numbers side by side and the shape is clear. Nscale booked $140.6 million of revenue in six months and lost $1,020.1 million over the same period, so it spent roughly seven dollars of loss for every dollar of revenue (our arithmetic from the S-1). That is normal for a company building capacity ahead of its customers, and it is also why the contracted figure carries so much weight. If the long-term contracts are delivered on time, the revenue base changes by orders of magnitude. If the campuses slip, the loss gets larger first.

Funding around the filing

The S-1 also records that on September 15, 2026 the company entered a subscription agreement for at least $3.1 billion of convertible loan notes and NVIDIA-related issuances. That is a financing event separate from the IPO. The offering size and price range in the S-1 are blank placeholders, so how much Nscale intends to raise has not been disclosed.

What we cannot tell you

We have not seen any SEC comment letters, a final prospectus or a pricing date as of October 11, 2026. The filing says Nscale intends to apply to list on the NYSE; it has not listed. None of this is a view on whether the shares are worth buying. That is a call for a prospectus and an adviser, and we offer neither.

Our take

The Nscale S-1 is a clean look at how the compute race is financed: a few buyers, long take-or-pay contracts, enormous losses and a very large gap between booked and live revenue. We would read three things when the final prospectus lands: the offering size, whether the customer names return, and how much of the $103.4 billion has a delivery date. In the race to superintelligence the labs get the headlines, but their landlords are where the commitments are written down.