Nscale files for US IPO, plans NYSE listing

Nscale has filed a registration statement with the US Securities and Exchange Commission for a proposed initial public offering of ordinary shares. The AI infrastructure operator said it plans to apply to list the shares on the New York Stock Exchange under the symbol NSCL.

The September 18 filing moves Nscale closer to a public offering, but it does not set the offering’s size or timing. The preliminary prospectus leaves the share count and expected price range blank, so the amount Nscale could raise and its prospective valuation remain undetermined. The registration statement is not yet effective, and no securities can be sold under it until it becomes effective.

For the six months ended June 30, 2026, Nscale reported revenue of $140.6 million, up from $10.4 million in the same period of 2025. The company calculated the increase at 1,252%. It also reported 2025 revenue of $33.0 million, 73% higher than the $19.1 million reported for 2024. These figures come from the company’s registration statement and have not been independently established.

Nscale said it had about $2.6 billion in active total contract value, or TCV, as of August 31, 2026, along with $103.4 billion in active and contracted TCV. The company defines TCV as the value of payments under long-term take-or-pay contracts; it is not recognized revenue. At the end of 2025, Nscale reported $0.5 billion in active TCV and $38.0 billion in active and contracted TCV.

The company also said its active and contracted agreements supported about 461,000 GPUs that were operating or under contract as of August 31. That figure is an issuer-reported measure, not an independently audited deployment count. In a founder letter included in the filing, Nscale said its power pipeline had grown from 750 megawatts to more than 10 gigawatts, its workforce from 40 people to more than 1,000, and its footprint to 14 regions.

Two customers account for much of the prospective contract value. Nscale said statements of work with Microsoft provide for payments of up to about $43.8 billion through December 2033. Agreements with Anthropic provide for up to about $44.6 billion. According to the filing, those payments depend on Nscale meeting delivery and service-availability requirements. For related context, see Microsoft’s broader data-center capacity plan.

Revenue is also concentrated among a small number of customers. The filing says Nscale’s largest customer generated 52% of revenue in the first half of 2026 and 73% in 2025, while one customer accounted for substantially all revenue in 2024. Nscale disclosed a history of net losses and said it expects operating expenses to rise and may not achieve or sustain profitability.

In its offering announcement, Nscale said it had applied to list on the NYSE. Neither the filing nor the announcement establishes that the exchange has approved the listing. Nscale named Goldman Sachs, J.P. Morgan and Morgan Stanley as lead bookrunners for the proposed offering.