Nscale, a cloud provider specializing in infrastructure for artificial intelligence models, has filed to go public on the New York Stock Exchange under the ticker symbol "NSCL."
The company had a $1.02 billion net loss on $140.6 million in revenue in the six months ended June 30, 2026, according to its prospectus for an initial public offering. The net loss over the same time period a year earlier was $368.9 million, while revenue was up 1,252% from $10.4 million.
Nscale pointed to $56.4 billion in remaining performance obligations.
Competitors include market-leading cloud providers such as Amazon, as well as younger AI-centric suppliers like CoreWeave and Nebius that are known as neoclouds.
OpenAI, Anthropic and other labs have had seemingly endless thirst for more computing capacity since the release of ChatGPT in 2022, as people tap generative AI products for coding, productivity and general chat. As a result, Anthropic and OpenAI have required impressive amounts of cash to pay its computing bills, and both are planning to go public.
Both of those labs have struck deals with Nscale, which rents out Nvidia graphics processing units (GPUs) for training and running models. Microsoft, itself a cloud provider, has also signed up with Nscale. One unnamed customer accounted for over half of revenue in the first half of 2026.
Nscale has sought to diversify. It now offers to handle inference requests for a slew of models. In July it announced plans to acquire statup Anyscale, whose software helps with the construction of AI models.
Last week Nscale said Fidji Simo, a former OpenAI, Instacart and Meta executive, was joining its board. In July she stepped down from her post 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 over 1,000 full-time employees as of Aug. 31.
As of Aug. 31, Nscale held 25,000 active GPUs and 461,000 that were either active or contracted, with five active and 12 contracted data center sites. It has line of sight to 10 gigawatts' worth of computing power, while sitting on more than $8 billion in debt, excluding a financing arrangement with AI server maker Dell.
The company emerged from stealth mode in 2024, spinning out of cryptocurrency mining firm Arkon Energy. Investors include Blue Owl, Dell, Nvidia, Fidelity and Point72. In March the company said investors had valued it at $14.6 billion in a funding round. Nvidia agreed to guarantee up to $860 million on Nscale's obligations for a data center lease agreement in Texas, according to the filing.
"From inception, we built Nscale with an infrastructure-first thesis, building against contracted customer demand, underwriting projects to attractive long-term returns, maintaining prudent leverage and seeking to match the duration of our capital commitments with the strong revenues supporting them," Josh Payne, Nscale's 32-year-old founder, chair and CEO, wrote in a letter to prospective investors included with the filing. "That discipline remains central to how we scale."
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