Nscale plc's amended registration statement, filed Nov. 12, discloses GPU services agreements with Anthropic that could pay Nscale up to approximately $44.6 billion. The Form S-1/A supports a planned New York Stock Exchange listing under the symbol "NSCL".
What the filing says
Nscale, headquartered in London, says it signed the agreements with Anthropic PBC on Aug. 25, 2026. They cover dedicated GPU infrastructure services at its Monarch Compute Campus, to support deployment of NVIDIA Vera Rubin NVL72 GPUs.
- Aggregate payments to Nscale: "up to approximately $44.6 billion"
- Agreements: the "Anthropic Services Agreements"
- Site: Monarch Compute Campus
The filing also describes a September 2026 subscription agreement for $3.36 billion of convertible instruments:
- $2.36 billion of unsecured convertible loan notes, issued to several investors including NVIDIA
- A further $1.0 billion of unsecured convertible loan notes or Non-Voting Shares for NVIDIA, which "will close on or around November 16, 2026"
The notes convert automatically when the offering completes.
Financials (preliminary)
Nscale gives preliminary, unaudited estimates for the nine months ended Sept. 30, 2026. These are nine-month figures, not a single quarter. KPMG LLP has not audited or reviewed them, has performed no procedures and gives no assurance. The filing says actual results may differ materially.
| Nine months | 2026 (prelim.) | 2025 |
|---|---|---|
| Revenue | $307.5M | $21.3M |
| Operating loss | $837.5M | $67.6M |
| Net loss | $1,691.9M | $433.3M |
What isn't set yet
The cover page leaves the price range and share count blank and is marked "subject to completion". The filing does not say when the offering will price, and we found nothing showing the registration statement is effective.
Why it matters
The $44.6 billion is a ceiling, not guaranteed revenue: the filing says "up to". Set against nine-month revenue of $307.5 million and a $1.69 billion net loss, the contract ceiling is many times larger than Nscale's revenue to date.
The filing says the amount is subject to Nscale satisfying "specified delivery and service availability requirements", and that the deal is four separate agreements, each between Anthropic and a wholly owned Nscale subsidiary.
Anthropic is also the subject of its own filings. See our reports on its compute commitments and its updated S-1 wording on AI progress.
What we checked
We read the Nscale S-1/A on SEC EDGAR (accession 0001193125-26-458722). Contract terms are attributed to the filing; neither company has been quoted here, and we did not seek confirmation from Anthropic.
