UK-based AI cloud and data center company Nscale filed for an IPO with the U.S. Securities and Exchange Commission on September 18, planning to list on the New York Stock Exchange under the ticker symbol NSCL. While its filing has not yet disclosed the number of shares to be offered or the price range, its contract backlog, revenue growth rate, and capital structure have become key areas of market focus.
The company disclosed that revenue for the first half of 2026 amounted to $140.6 million, representing a 1,252% year-over-year increase. However, net loss during the same period widened to approximately $1.02 billion. At its current revenue scale, Nscale remains in a phase of rapid expansion, with its financial performance closely tied to the intensity of its future investments.
The total contract value exceeds $103 billion.
As of the end of August, Nscale’s total active and contracted contracts exceeded $103 billion, with an active or contracted GPU capacity of approximately 461,000 units. The company’s customers include Microsoft and Anthropic.
This means that the market’s assessment of Nscale depends not only on its current revenue but also on its ability to build sufficient data centers and computing infrastructure as planned, and gradually convert signed contracts into actual revenue.
- Total active and signed contract value: Over $103 billion
- Number of active or contracted GPUs: approximately 461,000
- Key clients include: Microsoft, Anthropic
NVIDIA serves as both a supplier and a funder.
Nscale recently secured approximately $3.1 billion in convertible financing, including $1 billion from NVIDIA. For this company, this funding is not only a capital infusion but also critical to the successful implementation of its subsequent computing infrastructure.
During the current expansion cycle of AI infrastructure, NVIDIA’s role has extended beyond that of a GPU supplier. As more data centers and computing platforms initiate large-scale construction, chip manufacturers, private credit funds, banks, and bond investors are all participating together in this capital chain.
Expanding production still requires ongoing investment.
Nscale’s current core challenge is whether it can accelerate the deployment of its data center, power, network, and GPU infrastructure after large contracts have already been signed. Since related revenues typically need to be recognized gradually after project delivery, the upfront capital expenditure burden remains high.
Based on the disclosed data, Nscale’s listing rationale more closely resembles an AI infrastructure company that builds first and realizes revenue later, rather than a mature enterprise focused on short-term profitability. Its future valuation will largely depend on the execution of contracts and the progress of capacity construction.
Additional information: The registration documents submitted by the company have not yet disclosed the number of shares to be issued or provided an IPO pricing range.