The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

← Research · Q1

Microsoft → Nscale

$43.8B (ceiling) — Nscale's S-1 states that between September 2025 and April 2026 it entered into statements of work with Microsoft providing for payments to Nscale of up to approximately USD 43.8 billion through December 2033, not including optional extensions.

high confidence · about Nscale

$43.8B (ceiling) — Nscale's S-1 states that between September 2025 and April 2026 it entered into statements of work with Microsoft providing for payments to Nscale of up to approximately USD 43.8 billion through December 2033, not including optional extensions.

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the working

Basis

$43.8B (ceiling) — Nscale's S-1 states that between September 2025 and April 2026 it entered into statements of work with Microsoft providing for payments to Nscale of up to approximately USD 43.8 billion through December 2033, not including optional extensions.

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