AI Cloud Provider Nscale Files for New York IPO

Summary

AI cloud infrastructure provider Nscale has filed for an initial public offering on the New York Stock Exchange under the ticker NSCL. In the six months ended June 30, 2026, it reported $140.6 million in revenue and a $1.02 billion net loss, compared with $10.4 million in revenue and a $368.9 million loss a year earlier. Revenue increased 1,252%, while the company reported $56.4 billion in remaining performance obligations. Nscale rents Nvidia GPUs for training and running AI models and has agreements with OpenAI, Anthropic and Microsoft; one unnamed customer generated more than half of its first-half revenue. The company is also expanding into inference services and announced plans in July to acquire Anyscale, whose software supports AI model construction. As of Aug. 31, Nscale had more than 1,000 employees, 25,000 active GPUs and 461,000 active or contracted GPUs across five active and 12 contracted data-center sites. It said it had visibility into 10 gigawatts of computing capacity, but also carried more than $8 billion in debt, excluding a Dell financing arrangement. Nscale was spun out of cryptocurrency miner Arkon Energy in 2024 and was valued at $14.6 billion in a March funding round. Nvidia agreed to guarantee up to $860 million of obligations tied to a Texas data-center lease. The filing also highlights customer concentration and the company’s dependence on continued demand for AI computing as it seeks to scale its infrastructure business.