Nscale files for a $35B NYSE IPO with 85% of its $103B backlog from Microsoft and Anthropic, and the FT says ByteDance was 75% of 2025 sales

TechCrunch (corroborated by Financial Times via Investing.com and Techmeme)·high signalXBlueskyLinkedInCopy link

Nscale's S-1, filed September 18, seeks $3 billion at a $35 billion valuation. It reports $140.6 million in first-half 2026 revenue against a $1.02 billion net loss. Microsoft ($43.8B) and Anthropic ($44.6B, contingent on financing and milestones, and cancellable) account for about 85% of contracted revenue. The FT reports that ByteDance made up nearly three-quarters of 2025 sales, renting Nvidia chips in Norway, and that the relationship appeared only in a side document that did not name ByteDance.