Superpower Daily

Superpower Daily

Your reading space

Sign in
Fireworks AI Publishes Study Claiming Model Routing Beats a Sin...Nscale’s Filing Leaves $103.4 Billion TCV Without a Disclosed P...Anthropic Releases Claude Opus 5.5, Cutting Prices From Opus 5Microsoft Takes Down EvilTokens, an AI Service Built for Email...Samsung’s Kairos Deal Highlights the Long Wait Behind AI Nuclea...NVIDIA Adds AI Agent Workflows to Its Open-Source Robotics Tool...Fireworks AI Publishes Study Claiming Model Routing Beats a Sin...Nscale’s Filing Leaves $103.4 Billion TCV Without a Disclosed P...Anthropic Releases Claude Opus 5.5, Cutting Prices From Opus 5Microsoft Takes Down EvilTokens, an AI Service Built for Email...Samsung’s Kairos Deal Highlights the Long Wait Behind AI Nuclea...NVIDIA Adds AI Agent Workflows to Its Open-Source Robotics Tool...
Swipe

Research investigation R0922 / claim audit

Nscale’s $100B Backlog Test: Revenue, Capacity, or Conditional Promise?

The filing supports a lower bound for condition-affected contract value, but not an exact calculation of unconditional minimum payments. It separates active TCV, contracted TCV, maximum contract values, revenue, and active capacity—measures that should not be collapsed into one backlog figure.

Archived snapshotv1Sep 22, 2026
View latest dataset Read the original analysis
Verified observations
10

10 measured fields

Supported claims
7

7 material findings

Cited sources
4

4 primary or authoritative

Research score
88

Automated topic and evidence score

Interactive figureNscale’s $100B Backlog Test: Revenue, Capacity,...
CSV JSON
Data status461,000 verified records across 1 period

Snapshot only. There is not enough history to claim a trend yet.

Verified observationHover or focus any mark for exact valuesLast updated Sep 22, 2026

Version ledger

Frozen public editions

Each edition preserves the records, method, sources, and downloads available at publication time.

  1. v1 / latestSep 22, 202610 records / 4 sources

    Initial public snapshot with 10 records and 4 cited sources.

Coverage note

This synthesis uses the supplied evidence packet and preserves its September 22, 2026 collection context. Recovering the saved filing evidence is not a new collection or experiment.

Dataset ID
spd:nscale-s-100b-backlog-test-revenue-capacity-or-conditional-promise-d76d8d7a
Stable URL
/research/nscale-s-100b-backlog-test-revenue-capacity-or-conditional-promise-d76d8d7a
Version
v1
Coverage
2026-08-31
Records
10
Fields
7
Updated

Read the data

The records behind the figure

CSV JSON
Nscale’s $100B Backlog Test: Revenue, Capacity, or Conditional Promise? data records
EntityMetricValueUnitObservedSourceTransform
NscaleActive and contracted GPUsApproximately 461,000GPUs2026-08-31https://www.sec.gov/Archives/edgar/data/2110365/000119312526395475/ck0002110365-20260918.htm—
NscaleActive and contracted TCV$103.4 billionUSD billions2026-08-31https://www.sec.gov/Archives/edgar/data/2110365/000119312526395475/ck0002110365-20260918.htm—
NscaleActive GPUsApproximately 25,000GPUs2026-08-31https://www.sec.gov/Archives/edgar/data/2110365/000119312526395475/ck0002110365-20260918.htm—
NscaleActive TCV$2.6 billionUSD billions2026-08-31https://www.sec.gov/Archives/edgar/data/2110365/000119312526395475/ck0002110365-20260918.htm—
NscaleContracted TCV not classified as active$100.8 billionUSD billions2026-08-31https://www.sec.gov/Archives/edgar/data/2110365/000119312526395475/ck0002110365-20260918.htm$103.4B active-and-contracted TCV minus $2.6B active TCV.
Other or unreconciled contractsHeadline TCV outside disclosed Microsoft and Anthropic maxima$15.0 billionUSD billions2026-08-31https://www.sec.gov/Archives/edgar/data/2110365/000119312526395475/ck0002110365-20260918.htm$103.4B minus $43.8B minus $44.6B.
AnthropicMaximum disclosed aggregate paymentsUp to approximately $44.6 billionUSD billions2026-09-18https://www.sec.gov/Archives/edgar/data/2110365/000119312526395475/ck0002110365-20260918.htm—
MicrosoftMaximum disclosed payments excluding optional extensionsUp to approximately $43.8 billionUSD billions2026-09-18https://www.sec.gov/Archives/edgar/data/2110365/000119312526395475/ck0002110365-20260918.htm—
Microsoft and AnthropicNamed maximum contract value subject to disclosed conditions$88.4 billionUSD billions2026-09-18https://www.sec.gov/Archives/edgar/data/2110365/000119312526395475/ck0002110365-20260918.htm$43.8B Microsoft maximum plus $44.6B Anthropic maximum.
Microsoft and AnthropicShare of headline TCV subject to expressly disclosed delivery, availability or financing conditions85.5%percent2026-09-18https://www.sec.gov/Archives/edgar/data/2110365/000119312526395475/ck0002110365-20260918.htm$88.4B divided by $103.4B, multiplied by 100.

Measurement technique

How to read this report

  1. 01Evidence matrix plan: classify each disclosed contract figure by metric definition, date, counterparty, maximum versus minimum economics, activation status, delivery or acceptance condition, financing condition, extension option, and termination right.
  2. 02Treat active TCV, contracted TCV, recognized revenue, customer prepayments, GPU counts, and maximum contract values as distinct measures unless the filing reconciles them.
  3. 03Use the Microsoft and Anthropic material-contract exhibits to test whether reported maximum values become payable before service acceptance and whether delivery failure, delay, financing, or optional extensions can alter obligations.
  4. 04Calculate only stated arithmetic: $103.4 billion minus $2.6 billion equals $100.8 billion not classified as active; $43.8 billion plus $44.6 billion equals $88.4 billion; $88.4 billion divided by $103.4 billion equals 85.5%.
  5. 05Do not infer the status of the remaining approximately $15.0 billion of headline TCV or generalize one filed statement of work to every arrangement.

Sources

Evidence

1 publisher supporting 10 records. Expand a publisher to inspect its cited pages.

sec.govsec.gov4 sources / 10 records
www.sec.gov10 supporting recordswww.sec.gov0 supporting recordswww.sec.gov0 supporting recordswww.sec.gov0 supporting records
Next report / 01AI Model Economics Index All research reports
YOUR READING SPACE

Notifications