AI cloud firm Nscale files for NYSE IPO as first-half revenue jumps 1,252% to $140.6 million

Nscale, a London-based company that rents out Nvidia GPUs for training and running AI models, has filed to go public in the United States. Its registration statement, filed with the SEC on September 18, says it plans to list its ordinary shares on the New York Stock Exchange under the symbol NSCL. The filing does not yet include a price range or share count.

The numbers in the filing

Revenue for the six months ended June 30, 2026 was $140.6 million, up from $10.4 million a year earlier, an increase of 1,252%. Losses grew too. The company reported a net loss of $1.02 billion for the half, compared with $368.9 million in the same period of 2025.

• Contracted revenue: remaining performance obligations of $56.4 billion as of June 30, which Nscale expects to recognize over the next seven years. That was up from $34.5 billion at the end of 2025.
• Full-year 2025: revenue of $33.0 million and a net loss of $761.8 million.
• Capacity: about 25,000 active GPUs and 461,000 active and contracted GPUs as of August 31, across five active and twelve contracted data center sites.
• Customer concentration: its largest customer accounted for 52% of revenue in the first half of 2026 and 73% in 2025.

Big contracts with AI labs

The filing describes a set of agreements signed on August 25, 2026 to provide dedicated GPU capacity to Anthropic at Nscale's Monarch Compute Campus, with aggregate payments to Nscale of up to about $44.6 billion. It also details an expanded relationship with Microsoft, including a planned deployment of more than 66,000 Nvidia Vera Rubin NVL72 GPUs at a site in Portugal starting in late 2027.

The prospectus flags the risk side as well. Some contracts, including the Anthropic agreements, let the customer walk away from a tranche if Nscale misses delivery timelines, and the company states it may not reach or sustain profitability.

Goldman Sachs, J.P. Morgan and Morgan Stanley are listed as lead bookrunners. Nscale says it will use the proceeds for general corporate purposes, including funding data center projects.

Why traders are watching

Nscale would join a small group of publicly traded "neoclouds," such as CoreWeave and Nebius, that sell AI computing capacity. CNBC reported that investors valued the company at $14.6 billion in a funding round in March. How the IPO is priced, and how the shares trade once they list, will give the market another read on how much investors will pay for AI infrastructure growth that comes with heavy losses and a few very large customers.

Sources: Nscale Limited Form S-1 (SEC EDGAR); CNBC. This is market information, not investment advice.