Nscale, a London AI cloud firm founded in 2024, has filed to list on the NYSE with a $103.4 billion contract backlog, nearly $2 billion from Nvidia behind it, and quarterly revenue of just over $100 million. The company aims to list under the ticker NSCL, with active and contracted total contract value hitting $103.4 billion as of August 31, up from $38 billion at the end of 2025. Almost all of that jump traces to a single customer: Anthropic, which signed a long-term compute deal in late August.

But the filing shows why investors should read the fine print. Nscale's actual revenue reached just over $100 million in the second quarter of 2026, up from about $37 million the quarter before. A $103 billion backlog and a $100 million quarter are two very different numbers.

Nvidia's financing includes roughly $2 billion alongside up to $1.5 billion in convertible notes led by Daniel Loeb's Third Point. CEO Josh Payne runs the same playbook as Core Weave, on a smaller scale. The company targets a valuation near $30 billion after a $3.5 billion pre-IPO round, with Goldman Sachs, J.P. Morgan and Morgan Stanley leading. Reuters reported the IPO could raise up to $3 billion.

The listing is expected as soon as late September. Whether Wall Street prices this as the next Core Weave or as a cautionary tale about backlog accounting will say a lot about where the AI infrastructure trade stands right now.