Nscale announced plans to go public Monday, targeting a $35 billion valuation from its IPO. Like many of its competitors in the neocloud ecosystem, however, its future growth is heavily contingent on infrastructure projects that are yet to go live.
The company listed $103.4 billion of total contract value on its books, but only $2.6 billion of contracts were up, rolling and generating revenue as of Monday, when it submitted its form Form S‑1 with the Securities and Exchange Commission. That means it still needs to secure binding financing for the GPUs and data-centre infrastructure needed to fulfill its massive deal with Anthropic.
It also said it had about 461,000 GPUs classed as active or contracted, yet only around 25,000 of those chips are live.
