As of Oct. 16, Nscale’s Glomfjord data center in Norway was six months behind schedule; only $2.6 billion of its $103.4 billion in active and contracted value was active as of Aug. 31.
Nscale’s Sept. 18 filing for a proposed New York Stock Exchange listing put active and contracted value at $103.4 billion as of Aug. 31. It marked $2.6 billion as active and counted about 25,000 GPUs as active among 461,000 GPUs in active or contracted status. The measure reflects customer agreements over their terms, not sales already recorded.
For the six months ended June 30, Nscale reported $140.6 million in revenue and a $1.02 billion net loss. Revenue from those agreements depends on Nscale acquiring and installing data center infrastructure before placing it into service, tying sales to project delivery.
Microsoft and Anthropic together accounted for about 85% of the contract value. The Microsoft deals permit payments totaling up to about $43.8 billion through December 2033. The Aug. 25 agreements with Anthropic cover GPU capacity at West Virginia’s Monarch campus, with payments of up to about $44.6 billion. When Nscale filed for the proposed listing, its Anthropic agreements had no binding financing commitments.
Cooling-system leaks, local regulations and construction delays have slowed the Glomfjord project. Nscale is developing the site for ByteDance. Its customer contracts set delivery milestones and service requirements, with penalties for delays. Anthropic may terminate part of its agreement if Nscale misses a stated delivery deadline.
Nscale announced $3.36 billion in convertible financing Sept. 25; it said the first $2.36 billion tranche had closed. Nvidia’s additional $1 billion was expected to be funded in mid-November.
