Nscale, an AI cloud infrastructure provider that counts OpenAI, Anthropic, and Microsoft among its customers, filed for an IPO on the New York Stock Exchange under the ticker "NSCL," reporting 1,252% revenue growth in the first half of 2026.
Nscale, a London-based cloud infrastructure company that rents Nvidia graphics processing units to artificial intelligence developers, filed for an initial public offering on the New York Stock Exchange on Friday under the ticker symbol "NSCL."
The company reported $140.6 million in revenue for the six months ended June 30, 2026 — a 1,252% increase from $10.4 million over the same period a year earlier. It also reported a net loss of $1.02 billion for the same half-year period, compared with a net loss of $368.9 million in the prior-year period, according to its prospectus.
Nscale pointed to $56.4 billion in remaining performance obligations, a figure that reflects long-term contracted customer commitments.
As of Aug. 31, the company held 25,000 active GPUs and 461,000 that were either active or contracted across five active and 12 contracted data center sites. It has line of sight to 10 gigawatts of computing capacity, while carrying more than $8 billion in debt, excluding a separate financing arrangement with AI server manufacturer Dell.
Customers include OpenAI, Anthropic, and Microsoft. One unnamed customer accounted for more than half of Nscale's revenue in the first half of 2026.
Nvidia has agreed to guarantee up to $860 million on Nscale's obligations for a data center lease agreement in Texas, according to the filing.
Nscale emerged from stealth in 2024, having spun out of a cryptocurrency mining firm called Arkon Energy. Investors include Blue Owl, Dell, Nvidia, Fidelity, and Point72. In March, those investors valued the company at $14.6 billion in a funding round.
The company competes with large cloud providers such as Amazon as well as AI-focused infrastructure companies — sometimes called neoclouds — including CoreWeave and Nebius.
In July, Nscale announced plans to acquire startup Anyscale, whose software is used in the construction of AI models. Last week, the company added Fidji Simo to its board of directors. Simo previously served as product and business chief at OpenAI before stepping down in July following medical leave, and held senior roles at Instacart and Meta. Other board members include former Meta executives Nick Clegg and Sheryl Sandberg.
"From inception, we built Nscale with an infrastructure-first thesis, building against contracted customer demand, underwriting projects to attractive long-term returns, maintaining prudent leverage and seeking to match the duration of our capital commitments with the strong revenues supporting them," Josh Payne, Nscale's 32-year-old founder, chair, and CEO, wrote in a letter to prospective investors included with the filing. "That discipline remains central to how we scale."
The IPO filing comes amid broad investor appetite for AI infrastructure plays, even as the company's deepening net losses underscore the capital intensity of competing in a market dominated by hyperscalers. With Anthropic and OpenAI themselves preparing to go public, Nscale's listing would position it as a picks-and-shovels bet at a moment when demand for GPU compute shows little sign of abating.
Jay Goldberg is a staff writer at TechEchelon covering technology, markets, and policy. He files the breaking news and deal coverage that move the publication's core desks.
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