Nscale files for NYSE IPO as revenue jumps 1,252%

Nscale Limited filed a Form S-1 with the SEC on Sep 18 for a proposed IPO of ordinary shares and has applied to list on the NYSE under “NSCL,” according to the company and the registration statement. Share count and price range are not yet determined. Goldman Sachs, J.P. Morgan, and Morgan Stanley are lead bookrunners.

The numbers in the prospectus: For the six months ended June 30, 2026, Nscale reported $140.6 million in revenue, up 1,252% from $10.4 million a year earlier, and a net loss of $(1,020.1) million, versus $(368.9) million in the year-ago period. Remaining performance obligations on service contracts were $56.4 billion as of June 30, 2026. As of Aug 31, 2026, the company said it had about 25,000 active GPUs and 461,000 active and contracted GPUs across five active and twelve contracted data center sites, with roughly 1.37 GW of active and contracted capacity and about $2.6 billion of active / $103.4 billion of active and contracted total contract value.

Customer stack (hedged): Statements of work with Microsoft provide for payments of up to about $43.8 billion through December 2033, subject to delivery and availability conditions, the S-1 says. Anthropic GPU services agreements dated Aug 25, 2026, provide for aggregate payments of up to about $44.6 billion, also per the filing.

Why it matters for markets: Nscale is pitching a vertically integrated AI neocloud — power, data centers, GPUs, and software — into the same compute bottleneck that has filled private markets for CoreWeave-class names. An S-1 puts growth, losses, leverage, and “up to” customer contracts on the public tape. That is listing mechanics and silicon demand, not a tip on NSCL or peers.

Stake: Frontier labs and hyperscalers buying GPU capacity; competing neoclouds and hyperscaler clouds; underwriters and late-stage backers (Nvidia, Dell, Blue Owl, Fidelity, Point72 among those named in coverage of prior rounds); rate and power markets that underwrite multi-year take-or-pay buildouts.

What’s next: Effective registration and price range; how much of the Microsoft / Anthropic “up to” SOWs convert to recognized revenue; debt and financing disclosures as amendments drop; Anyscale deal close.

— Nico Valdez