TL;DR — Key Takeaways
- Nscale filed for a U.S. IPO and plans to list on the New York Stock Exchange under the ticker NSCL.
- The AI infrastructure provider reported $103.4 billion in active and contracted value but posted a $1.02 billion net loss for the first half of 2026.
- Major Microsoft and Anthropic contracts could provide up to $88.4 billion in payments, while Nscale still needs to raise capital for the required infrastructure.
Nscale announced it has filed for an initial public offering in the U.S. after a year of major compute deals, financing and expansion for the AI infrastructure and cloud provider. The London-based company filed a Form S-1 with the Securities and Exchange Commission on Friday and plans to list its ordinary shares on the New York Stock Exchange under the ticker NSCL. Nscale has not yet disclosed how many shares it will sell or an expected price range. Goldman Sachs, J.P. Morgan and Morgan Stanley are leading the offering.
The filing also provides a closer look at Nscale’s recent growth. Revenue reached $140.6 million during the first six months of 2026, up from $10.4 million during the same period last year. As of Aug. 31, Nscale reported $103.4 billion in active and contracted total contract value under long-term agreements supporting approximately 461,000 active or contracted GPUs.
The company was deeply unprofitable, however, reporting a $1.02 billion net loss for the six-month period, compared with a $368.9 million loss a year earlier. Cost of revenue, excluding depreciation and amortization, reached $189.6 million against $140.6 million in revenue. Nscale attributed higher expenses to data center expansion, including rental and power costs, staffing and depreciation, while $457.1 million of the net loss came from fair value losses tied to currency fluctuations.
A substantial portion of the company’s contracted business is concentrated among a small number of very large customers. Nscale said its largest customer accounted for 52% of revenue during the first half of 2026. The filing says agreements with Microsoft provide for payments of up to $43.8 billion, while the Anthropic agreements provide for up to approximately $44.6 billion, subject in both cases to delivery and service availability requirements.
The Anthropic agreements call for Nscale to provide dedicated NVIDIA Vera Rubin infrastructure at its Monarch Compute Campus in West Virginia. They also illustrate how much capital Nscale needs to fulfill its recent contracts. The company said it has not yet obtained binding commitments for the financing needed to fund the GPU equipment and data center infrastructure required under those contracts.
Nscale’s IPO filing is only one part of a busy year that has included acquisitions and major partnerships. In July, the company agreed to acquire Anyscale, the company founded by the creators of the open source distributed computing framework Ray. The transaction has not yet closed, according to the S-1. Earlier this month, Nscale announced a multiyear agreement with humanoid robotics company Figure that could involve as many as 100,000 NVIDIA Vera Rubin GPUs. Nscale said the deal includes an initial $3.5 billion compute commitment, with the parties intending to grow it beyond $6 billion.
Nscale also added former OpenAI executive Fidji Simo to its board as an independent director last week. Simo previously led Instacart through its 2023 IPO and remains an adviser to OpenAI after stepping down as CEO of AGI Deployment in July. At Nscale, she joins a board that also includes former Meta COO Sheryl Sandberg, former Yahoo President Susan Decker and former Meta global affairs chief Nick Clegg.
Nscale said it will re-register as a public limited company and change its legal name to Nscale plc before completing the offering. The registration statement has not yet become effective, and the company has not disclosed when shares will begin trading.
