Nscale, a cloud provider focused on infrastructure for artificial intelligence models, has filed for an initial public offering on the New York Stock Exchange. The company plans to trade under the ticker NSCL.
According to its SEC prospectus, Nscale generated $140.6 million in revenue and posted a net loss of $1.02 billion in the six months ended June 30, 2026. In the same period a year earlier, its net loss was $368.9 million, while revenue rose 1,252% from $10.4 million. The company also pointed to $56.4 billion in remaining performance obligations.
Nscale is operating in a fast-expanding AI infrastructure market, competing with major cloud providers such as Amazon as well as younger AI-focused companies including CoreWeave and Nebius. Since the release of ChatGPT, OpenAI, Anthropic and other labs have sharply increased their demand for computing capacity, supporting growth across the sector.
OpenAI and Anthropic have both signed deals with Nscale, which rents out Nvidia graphics processing units for training and running models. Microsoft is also among its customers. Nscale disclosed that one unnamed customer accounted for more than half of its revenue in the first half of 2026.
The company has also been trying to diversify its business. It now offers inference services for a broad range of models, and in July announced plans to acquire startup Anyscale, whose software helps companies build AI models.
Last week, Nscale said Fidji Simo, a former executive at OpenAI, Instacart and Meta, would join its board. She stepped down in July from her role as OpenAI's product and business chief after taking medical leave. Other board members include former Meta leaders Nick Clegg and Sheryl Sandberg.
London-based Nscale had more than 1,000 full-time employees as of Aug. 31. At that date, the company had 25,000 active GPUs and 461,000 GPUs that were either active or under contract. It had five active and 12 contracted data center sites, as well as line of sight to 10 gigawatts of computing power. Its debt load stood at more than $8 billion, excluding a financing arrangement with AI server maker Dell.
Nscale emerged from stealth mode in 2024 after spinning out of cryptocurrency mining firm Arkon Energy. Its investors include Blue Owl, Dell, Nvidia, Fidelity and Point72. In March, the company said it had been valued at $14.6 billion in a funding round. The filing also said Nvidia agreed to guarantee up to $860 million of Nscale's obligations under a data center lease agreement in Texas.
In a letter to prospective investors, founder, chair and CEO Josh Payne, 32, said Nscale had been built from the outset around an infrastructure-first strategy, developing capacity against contracted customer demand, backing projects with attractive long-term returns and matching the duration of capital commitments with the revenues supporting them. He said that discipline remains central to the company's expansion.
