With a $103.4 billion contract, Microsoft (MSFT.US) and Anthropic together account for 85%: How fragile is the IPO story of Nscale (NSCL.US)?

It is reported by Zhitong Finance APP that UK-based AI data center developer Nscale (NSCL.US) submitted an S-1 registration statement to the U.S. Securities and Exchange Commission last Friday, planning to go public on the New York Stock Exchange under the ticker symbol "NSCL." The most eye-catching figure in its prospectus is the total contract value of 103.4 billion US dollars—this company, founded just two years ago, already rivals some established infrastructure giants in terms of contract scale.