Nscale

AI Infrastructure · Cloud Computing

IPO

AI cloud provider Nscale files for NYSE IPO valued at roughly $30 billion

Revenue jumped twelvefold in six months, but losses topped $1 billion, testing appetite for AI infrastructure bets.

• Nscale filed a registration statement with the SEC for a US IPO, applying to list on the NYSE under ticker "NSCL" at a targeted valuation of about $30 billion.
• The London-based company runs a full-stack AI cloud, renting out Nvidia GPUs for training and running models, and spun out of crypto-mining firm Arkon Energy.
• Revenue surged 1,252% to $140.6 million in the first half of 2026, but net loss nearly tripled to $1.02 billion from $368.9 million a year earlier.
• Nscale reported $56.4 billion in remaining performance obligations and has scaled total contracted value past $103 billion, anchored by a $44.6 billion Anthropic deal for compute at its West Virginia "Monarch" campus.
• Ahead of the filing, Nscale sold $3.1 billion in convertible bonds, including $1 billion to Nvidia, adding to more than $4.6 billion in debt raised so far this year.
• The targeted $30 billion IPO valuation would roughly double the $14.6 billion valuation Nscale secured in a funding round just six months earlier, in March.
• Analysts say "neocloud" GPU renters like Nscale, CoreWeave and Nebius are holding up better in investor sentiment than AI infrastructure stocks further up the supply chain amid slowdown concerns.
• The listing becomes a real-time referendum on whether public markets will keep rewarding AI infrastructure growth even as huge losses and slowdown warnings mount.