Nscale, a cloud provider specializing in infrastructure for artificial intelligence models, has filed to go public with the New York Stock Exchange under the ticker symbol “NSCL.”
The company posted a net loss of $1.02 billion on revenue of $140.6 million for the six months ended June 30, 2026, according to its initial public offering prospectus. Revenue increased 1,252% from $10.4 million, compared to a net loss of $368.9 million in the year-ago period.
Nscale noted that it had remaining performance obligations of $56.4 billion.
Our competitors include market-leading cloud providers such as: Amazonand even young AI-centric suppliers such as: coreweave and Nevius It is known as Neocloud.
Since the release of ChatGPT in 2022, OpenAI, Anthropic, and other research institutions have been seemingly endlessly seeking more computing power as people leverage generative AI products for coding, productivity, and general chatting. As a result, Anthropic and OpenAI need large amounts of cash to pay for computing costs, and both companies plan to go public.
Both of these laboratories have contracts with Nscale for rental. Nvidia A graphics processing unit (GPU) for model training and execution. microsoftitself a cloud provider, has a contract with Nscale. One anonymous customer accounted for more than half of the company’s revenue in the first half of 2026.
Nscale has sought to diversify. You can now handle inference requests for large numbers of models. In July, the company announced plans to acquire Anyscale, a startup that provides software to help build AI models.
Nscale said last week that Fidji Simo, formerly of OpenAI, said: instacart and Meta Executives have joined the board of directors. In July, she resigned from her role as OpenAI’s head of product and business after taking sick leave. Other directors include former meta leaders Nick Clegg and Sheryl Sandberg.
London-based Nscale had more than 1,000 full-time employees as of August 31st.
As of August 31, Nscale had 25,000 active GPUs and 461,000 active or contracted GPUs with five active and 12 contracted data center sites. The company has its sights set on 10 gigawatts worth of computing power, but it has more than $8 billion in debt, not including loan agreements with AI server makers. Dell.
The company came out of stealth mode in 2024 and was spun out from crypto mining company Arkon Energy. Investors include Blue Owl, Dell, Nvidia, fidelity And point 72. The company announced in March that investors valued it at $14.6 billion in a funding round. Nvidia has agreed to guarantee up to $860 million of Nscale’s debt under its Texas data center lease agreement, according to filings.
“From our inception, we founded Nscale with an infrastructure-first thesis, seeking to meet the demands of our committed customers, take on projects with attractive long-term returns, maintain prudent leverage, and match the duration of our capital commitments with solid returns to support them,” Josh Payne, 32, founder, chairman and CEO of Nscale, said in a letter to prospective investors included with the application. “This discipline will continue to be central as we scale.”
Featured: Nscale CEO: We don’t currently have enough energy to meet the demand for AI
