When British neocloud Nscale goes public, it will test public investors’ appetite for a stock whose revenue is tied primarily to two customers.
Since it was spun out of Australian cryptocurrency mining company Arkon Energy two years ago, Nscale has amassed over $103 billion worth of contracts, according to its IPO filing. But there’s a catch: Most of that, about 85%, comes from a deal to supply Microsoft with $43.8 billion worth of compute through 2033, and another supply agreement worth $44.6 billion with Anthropic.
