Certain identified information has been excluded from this exhibit because it is both not material and is the type of information that the registrant treats as private or confidential. [***] indicates that information has been redacted.

Exhibit 10.9

Date: 14thOctober, 2024

Private and Confidential

Phoebee Madisson Gahan

Passport Number: [***]

Dubai

United Arab Emirates

Subject: Offer of Employment

Dear Phoebee,

Congratulations! We are pleased to inform you that you have been selected for the position of General Counsel.

You will be an employee of Connect Resources (the "Company") as your Employer of Record and you will be working for Nscale Operations B.V. (the "Client", together with any of its parent and/or subsidiary undertakings, the "Client Group" and each a "Client Group Company") and you will be based in the UAE.

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Execution Version

AMENDMENT NO. 2 TO CREDIT AGREEMENT

AMENDMENT NO. 2 TO CREDIT AGREEMENT (this “Agreement”), dated as of March 30, 2026, among the Initial Borrower, each Lender party to the Credit Agreement as of the date hereof, each Specified Swap Counterparty party to the Credit Agreement as of the date hereof, and the Administrative Agent, which amends that certain Credit Agreement (as amended by that certain Amendment No. 1 to Credit Agreement, dated as of March 12, 2026 and as further amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof, the “Existing Credit Agreement”; the Existing Credit Agreement, as amended hereby, the “Credit Agreement”), dated as of February 11, 2026, among NSCALE SERVICES UK LTD, a private limited company incorporated in England and Wales with registered number 16445102, as Initial Borrower, the other Subsidiary Guarantors from time to time party thereto, the Lenders from time to time party thereto, GLOBAL LOAN AGENCY SERVICES LIMITED, as Administrative Agent, GLAS TRUST CORPORATION LIMITED, as Collatera

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AnthropicConfidential

Exhibit 10.25

Certain information, schedules and exhibits have been omitted pursuant to Item 601(a)(5) and Item 601(b)(10) of Regulation S-K. The Company agrees to file supplementally to the Commission an unredacted copy of this exhibit, or a copy of any omitted schedule or exhibit hereto, upon request. [***] indicates that schedules and information have been redacted.

Order for GPU Services

([***])

This Order for GPU Services (“Order”) is governed by the Terms of Service in Exhibit Aand, together with all Schedules and other Exhibits referenced below, constitutes the parties’ GPU Services Agreement (“Agreement”). The Agreement is made and entered into as of the date last signed below (the “Effective Date”), by and between Anthropic PBC, a Delaware public benefit corporation with an address at 548 Market St, PMB 90375, San Francisco, CA 94104 (“Anthropic”), and the provider identified below (“Provider”). Anthropic and Provider are referred to individually as a “party” and together as the “parties.” Capitalized terms have the meanings given to them i

…

Certain information, schedules and exhibits have been omitted pursuant to Item 601(a)(5) and Item 601(b)(10) of Regulation S-K. The Company agrees to file supplementally to the Commission an unredacted copy of this exhibit, or a copy of any omitted schedule or exhibit hereto, upon request. [***] indicates that schedules and information have been redacted.

Microsoft PO#

Partner Statement of Work

(“SOW”)

Addresses and contacts for notices

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Exhibit 10.18(a)

Execution Version

Certain identified information has been excluded from this exhibit because it is both not material and is the type of information that the registrant treats as private or confidential. [***] indicates that information has been redacted.

AMENDMENT NO. 1 TO REVOLVING CREDIT AND GUARANTY AGREEMENT

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Execution version

Certain identified information has been excluded from this exhibit because it is both not material and is the type of information that the registrant treats as private or confidential. [***] indicates that information has been redacted.

CREDIT AGREEMENT

dated as of August 27, 2026

among

NSCALE WARD COUNTY BORROWER SPV, LLC,
as the Borrower,

NSCALE WARD COUNTY, LLC,
as the Affiliate Guarantor,

THE LENDERS PARTY HERETO,

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,

as Administrative Agent,

and

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,
as Collateral Agent,

and

JPMORGAN CHASE BANK, N.A. and

GOLDMAN SACHS BANK USA

as Joint Lead Arrangers, Joint Bookrunners and Co-Structuring Agents,

and

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, DEUTSCHE BANK AG, NEW YORK BRANCH, MIZUHO BANK, LTD., MUFG BANK, LTD, ROYAL BANK OF CANADA, SUMITOMO MITSUI BANKING CORPORATION, BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH, and OVERSEA-CHINESE BANKING CORPORATION LIMITED, NEW YORK AGENCY

as Mandated Lead Arrangers

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TABLE OF CONTENTS

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Exhibit 10.20

DellFinancialServices

Certain information has been excluded from this agreement (indicated by “[***]”) because such information is both (a) not material and (b) the type that the registrant customarily and actually treats as private or confidential.

GLOBAL FRAMEWORK AGREEMENT No.

CUSTOMER: NAMEAddress 1Address 2Address 3(you)	FUNDER:Address 1Address 2Address 3(weorus)

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Execution Version

Certain identified information has been excluded from this exhibit because it is both not material and is the type of information that the registrant treats as private or confidential. [***] indicates that information has been redacted.

AMENDMENT NO. 3 TO CREDIT AGREEMENT AND CONSENT AND WAIVER NO. 1 TO DEBENTURE

AMENDMENT NO. 3 TO CREDIT AGREEMENT (this “Amendment”), dated as of April 29, 2026, among the Initial Borrower, each Lender party hereto (constituting the Required Lenders), the Administrative Agent and the Collateral Agent, which amends that certain Credit Agreement (as amended by that certain Amendment No. 1 to Credit Agreement, dated as of March 12, 2026 and Amendment No. 2 to Credit Agreement dated as of March 30, 2026, and as further amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof, the “Existing Credit Agreement”; the Existing Credit Agreement, as amended hereby, the “Credit Agreement”), dated as of February 11, 2026, among NSCALE SERVICES UK LTD, a private limited company incorporated in Engl

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NscaleLimitedEmployeeSharePlan

AdoptedbytheBoardon11July2024,asamendedon19August2025,14January2026,18May 2026 and 11 September 2026

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Tableofcontents

1	Definitionsandinterpretation	1
2	AdministrationofthePlan	4
3	EligibleParticipants	4
4	Grantof Awards	5
5	ExerciseofOptions	8
6	RightsattachingtoOptionsandRestrictedShares	9
7	NointerestinSharesunderOption	10

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Certain identified information has been excluded from this exhibit because it is both not material and is the type of information that the registrant treats as private or confidential. [***] indicates that information has been redacted.

Exhibit 10.11

AMENDED & RESTATED EMPLOYMENT AGREEMENT

EMPLOYMENT AGREEMENT (this “Agreement”), executed as of 13 January 2025 and taking effect for all purposes as of 26 August 2024 (the “Effective Date”), between NScale Operations B.V., a Dutch besloten vennootschap met beperkte aansprakelijkheid (“Employer”) and Ron Huisman (“Employee”).

WHEREAS, the parties hereto entered into an employment agreement on 2 July 2024, as amended with effect from 26 August 2024 (the “Initial Effective Date”) whereby the Employer employed the Employee in the position of Chief Financial Officer of the Nscale Group, as more particularly set forth therein (the “Initial Agreement”).

WHEREAS, the parties now desire to enter into this Agreement to amend and restate the Initial Agreement on the terms and conditions set forth herein.

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Exhibit 10.21Certain identified information has been excluded from this exhibit because it is both not material and is the type of information that the registrant treats as private or confidential. [***] indicates that information has been redacted.EXECUTION VERSION

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Execution Version

SIXTH AMENDMENT, WAIVER AND CONSENT TO

CREDIT AND SECURITY AGREEMENT AND GUARANTY AND JOINDER

This Sixth Amendment, Waiver and Consent to Credit and Security Agreement and Guaranty and Joinder (this “Amendment”) is entered into as of May 12, 2025, by and among ARKON ENERGY US HOLDCO LLC (formerly known as Arkon Energy Ohio LLC), a Delaware limited liability company (“Arkon US Holdco”), NSCALE ABLES SPRINGS LLC, a Delaware limited liability company (formerly known as Arkon Energy Ables Springs LLC), ARKON ENERGY LAVON LLC, a Delaware limited liability company, NSCALE UNION VALLEY LLC, a Delaware limited liability company (formerly known as Arkon Energy Union Valley LLC), NSCALE HOLDINGS B.V. (formerly known as Arkon Energy Investment B.V.), a Dutch besloten vennootschap met beperkte aansprakelijkheid (“NScaleHoldings”), NSCALE AS, a company incorporated in Norway (“NScale”), NSCALE DRIFT AS, a company incorporated in Norway (“Drift”), NSCALE GLOMFJORD AS, a company incorporated in Norway (“Glomfjord”; together with NScale Holdings, NScale, Drift and Arkon US Hol

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