Nscale’s Sept. 18 filing with the Securities and Exchange Commission (SEC) reported approximately $2.6 billion in active total contract value (TCV) and $103.4 billion in active and contracted TCV as of Aug. 31, 2026.
A recent employee memo, as described in a Wednesday report, said Nscale founder and CEO Josh Payne told staff the planned U.S. listing remained on schedule and the company was targeting a $30 billion valuation. The preliminary prospectus did not specify the offering size or price range.
The filing listed 1.37 gigawatts of active and contracted computing capacity as of Aug. 31, 2026. As of Aug. 31, 2026, the filing also identified 10 gigawatts of potential power capacity for development across sites Nscale owns or controls long term, together with power procurement agreements, following its acquisition of Monarch Compute Campus. The filing cited long data-center development timelines and access to reliable, large-scale power as constraints on AI infrastructure deployment.
For comparison, Nscale reported $500 million in active TCV and $38 billion in active and contracted TCV at Dec. 31, 2025. The figures in the filing cover different reporting dates, with the later figures reflecting the period after the Monarch acquisition.
Nscale reported $140.6 million in revenue and a $1,020.1 million net loss for the six months ended June 30, 2026. Its filing said take-or-pay contracts provide customers with fixed-price predictability and give Nscale long-duration cash flows.
Collections under Nscale’s Anthropic agreements depend on delivery and service availability. Under one agreement, the service term for each tranche begins only after Anthropic accepts the capacity. The filing also said Nscale had no binding commitments for financing it identified as necessary for the Anthropic contracts as of the prospectus date; EconoTimes previously covered the financing needs tied to those agreements.
Nscale later announced $3.36 billion in convertible-note financing on Sept. 25, saying $2.36 billion had closed and a further $1 billion from Nvidia was expected in mid-November. The announcement did not say whether the financing covered the needs disclosed for the Anthropic agreements.
