Nscale Files for NYSE IPO With $3.1 Billion Financing Agreements
The AI infrastructure company reported $140.6 million in first-half revenue and a net loss of approximately $1.02 billion.
Nscale has filed for a proposed New York Stock Exchange listing after entering financing agreements totaling at least $3.1 billion and reporting a widening first-half loss.
The company’s preliminary Form S-1, filed Sept. 18, seeks to list ordinary shares under the ticker NSCL. The filing leaves the IPO price and number of shares blank, so final offering terms have not been determined.
The financing agreements were entered Sept. 15. They include $2.1 billion in unsecured convertible loan notes and an additional $1 billion in convertible notes or non-voting shares to be issued to Nvidia. The Nvidia transaction is expected to close around Nov. 16, 2026.
The agreements have been entered into but were not confirmed as funded or closed in the filing.
Nscale reported $140.6 million in revenue for the six months ended June 30, 2026, compared with $10.4 million during the same period a year earlier. Its net loss increased to approximately $1.02 billion from $368.9 million. Cash and cash equivalents totaled $1.5 billion at the end of June.
The company’s total contracted value grew from $100 million to more than $103 billion over two and a half years. Agreements with Anthropic provide for aggregate payments of up to approximately $44.6 billion.
Contracted value does not equal current revenue. Nscale relies heavily on long-term take-or-pay infrastructure contracts, recognizing revenue as data-center infrastructure is purchased, installed and placed into service.
Nscale describes its business as an integrated AI infrastructure platform covering data centers, power, graphics processing units, networking, storage and cloud software. The platform launched in May 2024 after the company emerged from Arkon Energy.
Nscale acquired AIPCorp and the Monarch Compute Campus in West Virginia in March 2026. The site has a power runway scalable to more than eight gigawatts of gross power capacity.
The company also announced approximately $3 billion in commitments across two senior secured delayed-draw term loan facilities on Aug. 31. The facilities provide up to $1.85 billion for Ward County, Texas, and up to $1.2 billion for Madison, North Carolina.
Nvidia participated in Nscale’s $1.1 billion Series B financing in September 2025 and is identified as a supplier of GPUs and networking equipment.
