Nscale operates only 25,000 GPUs despite a total contracted portfolio of about 461,000 GPUs in its S-1 registration statement. The provider has 55 MW of active IT capacity compared to a contracted total of 1.37 GW. Agreements with Anthropic contribute up to $45 billion of the total contract value, but the filing reports no binding commitments for the required financing.

Total contract value for Nscale sits at $103.4 billion, with Microsoft and Anthropic representing roughly 85% of that figure. The weighted-average contractual prepayment is 23%, and roughly 80% of the GPU portfolio consists of Vera Rubin chips. A gross power development pipeline of about 10 GW remains separate from the company's currently contracted IT capacity.