Microsoft ↔ Nscale: every deal

FT: Microsoft gives up the option that would have more than doubled the Texas contract (tens of billions); the existing contract remains.

Microsoft gives up acting as anchor customer of the Loughton (Essex) site, about $3 billion, due to delays in the power connection. Approximate date.

After OpenAI's exit, Microsoft takes the capacity at Nscale's Narvik site, with more than 30,000 Nvidia Vera Rubin GPUs.

Nscale takes over the 8 GW Monarch campus and Microsoft signs a letter of intent for 1.35 GW of Vera Rubin compute.

Orders signed between September 2025 and April 2026 running to 2033 (Texas, Portugal, UK, Norway); initially ~200,000 GB300s for ~$23 billion.