Nscale Wants $30bn. Investors Are Offering Half of It.

Nscale is asking the market for roughly $30bn. Investors are pointing at the same filing and suggesting $16bn to $19bn instead.

• $103.4bn of active and contracted contract value at 31 August, of which $2.6bn was active.
• 461,000 GPUs active or contracted, of which about 25,000 were running across five active sites.
• Twelve more sites are under development, and two gigawatts of the Monarch campus is due in the first half of 2028.
• A reported second Anthropic deal at 460MW for up to $45bn would take the contract book toward $148bn without adding a running GPU.
• The filing defines contract value at signing and excludes renewals and unexercised capacity, so the headline sits above what any customer is obliged to take.
• CoreWeave fell 25 percent in a week and Nebius 32 percent in two, which is the peer group any valuation now has to clear.

Contracted capacity is not billable capacity. Ask a supplier for the active number first. Full analysis here.