Nscale's contracted revenue has reached approximately $103 billion, bolstered by a $45 billion six year deal with Anthropic for West Virginia data centers. The AI cloud provider is pursuing $3.5 billion in pre-IPO financing to expand its infrastructure, with a target investment of up to $2 billion from Nvidia.

The fundraising occurs as the company prepares for a potential initial public offering in September 2026. Nscale recently expanded its board of directors to include former OpenAI executive Fidji Simo and signed an agreement to acquire AI startup Anyscale.