- Nscale filed an S-1 to list on the NYSE under the ticker NSCL, with terms remaining undisclosed.
- Revenue hit $140.6 million in H1 2026, up more than 1,250%, as the net loss reached $1.02 billion.
- Contracted deals total $103.4 billion, though actual quarterly revenue is just over $100 million.
London-based Nscale has filed an S-1 with the Securities and Exchange Commission, putting the London-based AI infrastructure company on a path to list on the New York Stock Exchange under the ticker NSCL.
For the six months ended June 30, 2026, Nscale reported $140.6 million in revenue, up from $10.4 million a year earlier. The net loss for the same period widened to $1.02 billion, up from $368.9 million a year earlier, as the company continues to spend on data centres, GPUs and power faster than it can bill for them. Goldman Sachs, JPMorgan and Morgan Stanley are leading the offering.
In a letter to prospective investors included in the filing, founder and chief executive Josh Payne described the company as built around “an infrastructure-first thesis, building against contracted customer demand.”
It’s the exact question this IPO has to answer: whether contracted demand is worth as much as the balance sheet says it is.
A $14.6 billion valuation built in under two years
Payne, whose LinkedIn traces a path from Australian coal mining and a construction recruitment platform into crypto mining and then AI infrastructure, founded Nscale in 2024 as a spinout of bitcoin miner Arkon Energy.
The company raised a $155 million Series A that December, then a $1.1 billion Series B in September 2025 that it called the largest of its kind in Europe, backed by Aker ASA, Microsoft, OpenAI, Nvidia, Dell and Nokia, among others. A $433 million SAFE followed weeks later.
By March 2026, Nscale had closed a $2 billion Series C led by Aker ASA and 8090 Industries, valuing it at $14.6 billion, with Nvidia, Dell, Nokia, Lenovo, Citadel and Jane Street also participating, and added former Meta executives Sheryl Sandberg and Nick Clegg to its board.
Debt has piled up alongside the equity: a $790 million financing for its Narvik, Norway campus, a $900 million revolving credit facility, and, more recently, a $3 billion debt package to fund GPU campuses in Texas and North Carolina.
Revenue is scaling, so are the losses
More than half of that $140.6 million in first-half revenue came from a single, unnamed customer, according to the filing. As of August 31, 2026, Nscale had 25,000 active GPUs, with another 461,000 either active or under contract, spread across five live data centres and 12 more under construction.
The bigger number is the one that needs the most scepticism: Nscale’s total contracted deals reached $103.4 billion as of the same date, up from $38 billion at the end of 2025. Much of that jump traces to a reported $45 billion, six-year compute deal with Anthropic covering capacity at Nscale’s West Virginia campus.
The company’s full-year 2025 revenue was $33 million.
A neocloud market getting crowded
Nscale’s IPO lands as CoreWeave, Crusoe, Nebius and others chase the same scarce inputs: Nvidia GPUs, electricity and long-term customers. Lambda is separately in talks to raise up to $3 billion at a $12 billion-plus valuation ahead of a possible 2027 listing of its own, and Nscale has also committed at least $3.5 billion in compute to humanoid robotics startup Figure in exchange for an equity stake.
That’s the deal public investors will now have to price: a two-year-old company with a nine-figure quarterly run rate and an eleven-figure backlog, asking Wall Street to treat the two as roughly the same thing.
