Nscale’s IPO will test Wall Street’s appetite for concentrated AI bets once again

Automated excerpt

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. Earlier this month, one of Nscale’s major investors, Nvidia, agreed to provide the company with $1 billion in convertible debt as part of a larger $3. 1 billion financing deal. Aside from CoreWeave, Nscale’s competitors include Nebius, Lambda and Crusoe — the latter last week said it raised $3. 9 billion at a $30. 9 billion valuation.

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