来自 ChatGPT 发明者的一种新型 AI 模型令开发者兴奋不已：https://techcrunch.com/2026/09/18/a-new-kind-of-ai-model-from-a-chatgpt-inventor-is-thrilling-developers/ Tim Fernholz：https://techcrunch.com/author/tim-fernholz/
Automattic的临时CEO和法律主管在Mullenweg短暂罢免期间签署了互惠的离职协议：https://techcrunch.com/2026/09/16/automattics-interim-ceo-and-legal-chief-signed-reciprocal-severance-deals-during-mullenwegs-brief-ouster/ Sarah Perez：https://techcrunch.com/author/sarah-perez/
清洁科技创业公司Fluxnium找到了一种利用5万年核燃料的方法：https://techcrunch.com/2026/09/16/clean-tech-startup-fluxnium-found-a-way-to-tap-50000-years-worth-of-nuclear-fuel/ Tim De Chant：https://techcrunch.com/author/tim-de-chant/
When British neocloud Nscale goes public, it will test public investors’ appetite for a stock whose revenue is tied primarily to two customers.
Since it was spun out of Australian cryptocurrency mining company Arkon Energy two years ago, Nscale has amassed over $103 billion worth of contracts, according to its IPO filing：https://www.sec.gov/Archives/edgar/data/2110365/000119312526395475/ck0002110365-20260918.htm. 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.
Moreover, Anthropic’s agreement is contingent on Nscale obtaining financing, and the AI lab retains the right to walk away from or cancel the deal if Nscale fails to hit milestones that the filing explicitly categorizes as “stringent.”
Nscale’s customer concentration is a reminder of just how interconnected the AI industry has become. A recent paper by credit hedge fund Sona Asset Management, featured in Financial Times：https://www.ft.com/content/8475dc9b-b2d4-4e10-a6b6-12796b11758a, found that many AI infrastructure providers heavily depend on a limited number of customers. Nscale’s competitor CoreWeave, for example, generates 67% of its revenue from Microsoft, and data center builder Applied Digital derives 67% of its revenue from Oracle, and 30% from CoreWeave.
While Sona noted that such interconnectedness is not necessarily a bad thing, it pointed out that a single setback or strategic shift by a major player can easily affect the entire industry.
Nscale, which plans to list on the NYSE, expects to be valued at $35 billion, Financial Times：https://www.ft.com/content/93ba41c5-d777-4733-8738-93a06e8fead1?syn-25a6b1a6=1 reported, and is seeking to raise $3 billion in the offering, according to Bloomberg：https://www.bloomberg.com/news/articles/2026-08-21/ai-cloud-firm-nscale-is-said-to-seek-up-to-3-billion-in-us-ipo?utm_medium=cpc_search&utm_campaign=NB_ENG_DSAXX_DSAXXXXXXXXXX_EVG_XXXX_XXX_COUSA_EN_EN_X_BLOM_GO_SE_XXX_XXXXXXXXXX&gclsrc=aw.ds&gad_source=1&gad_campaignid=9835680891&gbraid=0AAAAAD9e5yr4ALPfjOcqOp3AX9o0eUgfU&gclid=CjwKCAjwq8PVBhAKEiwA2i3SHYc1lkbMfSdDNJNqYo0Ia3GZpco8tklDAsBdQ0lmq-vYvbLj0MegABoCoqsQAvD_BwE.
The company reported revenue of $140.6 million for the six months ended June 30, up significantly compared to $10.4 million a year earlier. Net losses jumped to $1.02 billion from $369 million in the same period.
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. The startup was valued at $14.6 billion when it raised a $2 billion Series C led by Aker ASA and 8090 Industries.
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：https://techcrunch.com/2026/09/17/crusoe-raises-3-9b-to-build-massive-data-centers-and-small-modular-ai-factories/ valuation.
Nscale operates data centers in Norway, Portugal, Texas, and West Virginia. Its board of directors includes former Meta executives Sheryl Sandberg and Nick Clegg, as well as former OpenAI executive Fidji Simo.
When you purchase through links in our articles, we may earn a small commission：https://techcrunch.com/techcrunch-affiliate-monetization-standards/. This doesn’t affect our editorial independence.
Marina Temkin is a venture capital and startups reporter at TechCrunch. Prior to joining TechCrunch, she wrote about VC for PitchBook and Venture Capital Journal. Earlier in her career, Marina was a financial analyst and earned a CFA charterholder designation.
You can contact or verify outreach from Marina by emailing marina.temkin@techcrunch.com：mailto:marina.temkin@techcrunch.com or via encrypted message at +1 347-683-3909 on Signal.
Last day to book an exhibit table is September 18. Don’t miss out on high-impact leads, investor access, and a brand spotlight in Disrupt’s Expo Hall.
Tilly Norwood’s press tour is going about as well as you’d expect for an AI：https://techcrunch.com/2026/09/18/tilly-norwoods-press-tour-is-going-about-as-well-as-youd-expect-for-an-ai/ Amanda Silberling：https://techcrunch.com/author/amanda-silberling/
A new kind of AI model from a ChatGPT inventor is thrilling developers：https://techcrunch.com/2026/09/18/a-new-kind-of-ai-model-from-a-chatgpt-inventor-is-thrilling-developers/ Tim Fernholz：https://techcrunch.com/author/tim-fernholz/
OpenAI caught its models leaving notes to successors to hide bad behavior：https://techcrunch.com/2026/09/17/openai-caught-its-models-leaving-notes-to-successors-to-hide-bad-behavior/ Rebecca Bellan：https://techcrunch.com/author/rebecca-bellan/
Microsoft exec called AI scraping ‘the largest theft of labor in human history,’ new unredacted filings reveal：https://techcrunch.com/2026/09/17/microsoft-exec-called-ai-scraping-the-largest-theft-of-labor-in-human-history-new-unredacted-filings-reveal/ Rebecca Bellan：https://techcrunch.com/author/rebecca-bellan/
Automattic’s interim CEO and legal chief signed reciprocal severance deals during Mullenweg’s brief ouster：https://techcrunch.com/2026/09/16/automattics-interim-ceo-and-legal-chief-signed-reciprocal-severance-deals-during-mullenwegs-brief-ouster/ Sarah Perez：https://techcrunch.com/author/sarah-perez/
Former Infosys chief’s AI startup nabs another $53M：https://techcrunch.com/2026/09/16/former-infosys-chiefs-ai-startup-adds-50m-to-seed-weeks-after-initial-raise/ Jagmeet Singh：https://techcrunch.com/author/jagmeet-singh/
Clean tech startup Fluxnium found a way to tap 50,000 years’ worth of nuclear fuel：https://techcrunch.com/2026/09/16/clean-tech-startup-fluxnium-found-a-way-to-tap-50000-years-worth-of-nuclear-fuel/ Tim De Chant：https://techcrunch.com/author/tim-de-chant/
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