Nscale (NSCL) still lacks binding financing for its $44.6 billion Anthropic contract, and its debt has hit $5.5 billion

Key points Nscale lacks binding financing commitments for its Anthropic contract Nscale's debt jumps to an estimated $5.5 billion in one quarter Nvidia commits $2 billion to Nscale's pre-IPO round Nscale (NSCL), the London-based AI cloud company backed by Nvidia (NVDA), has signed customer contracts worth $105.8 billion, but it still hasn't secured binding financing commitments to deliver the biggest one. In an amended IPO filing on Nov. 12, Nscale says it has "not obtained binding commitments for any of the financings required to fund performance under the Anthropic Services Agreements." Those agreements with Anthropic (ANT) are worth up to $44.6 billion. Nscale's September filing said the same thing. The same filing estimates Nscale's total debt at $5.5 billion on Sept. 30, up from $137.4 million three months earlier. That's about 18 times the $307.5 million of revenue Nscale estimates for the first nine months of 2026.

This excerpt comes from the named source. Read the original for the full reporting.