Nscale Files Registration Statement for Proposed Initial Public Offering

Nscale has filed for an initial public offering on the New York Stock Exchange, disclosing $103.4 billion in active and contracted total contract value (TCV) as of August 31, 2026. The London-based artificial intelligence infrastructure company revealed the figure in its September 18 filing with the U.S. Securities and Exchange Commission, underscoring the scale of its agreements with major technology companies and AI developers. Nscale plans to list under the ticker symbol NSCL.

The $103.4 billion represents aggregate contracted revenue across the committed terms of signed customer agreements, rather than revenue already earned or the company's valuation. It includes approximately $2.6 billion in active TCV and reflects substantial growth from $38 billion in active and contracted TCV at the end of 2025. The contracts are generally structured as long-term, take-or-pay arrangements with a weighted average contract life of approximately 5.7 years.

These agreements support Nscale's strategy of developing and operating large-scale AI computing infrastructure for hyperscalers, AI laboratories, enterprises, and government-backed AI initiatives. Services include dedicated GPU clusters, cloud computing, AI model training and inference, and purpose-built data center development.

As of August 31, 2026, Nscale operated approximately 25,000 active GPUs and 461,000 active and contracted GPUs. Its infrastructure portfolio included five active and 12 contracted data center sites, representing approximately 1.37 gigawatts of active and contracted power capacity. The company also identified approximately 10 gigawatts of potential development capacity across sites under its ownership or long-term control with related power agreements.

A substantial portion of Nscale's contracted business derives from major AI infrastructure agreements. On August 25, 2026, the company entered into agreements with Anthropic to provide dedicated GPU infrastructure at its Monarch Compute Campus, with aggregate payments of up to approximately $44.6 billion and deployment of NVIDIA Vera Rubin NVL72 GPUs.

Nscale is also expanding its relationship with Microsoft. In April 2026, the company acquired a 200-megawatt site at Portugal's SINES Data Campus to support deployment of more than 66,000 NVIDIA Vera Rubin NVL72 GPUs, beginning in late 2027. This builds on an earlier Microsoft deployment of more than 12,600 NVIDIA Grace Blackwell Ultra GPUs at the campus.

Another significant agreement involves humanoid robotics developer Figure AI. In August 2026, Nscale announced a multiyear strategic partnership involving potential deployment of up to 100,000 NVIDIA Vera Rubin GPUs, with initial deployments targeted for the second half of 2027. Nscale is also making a strategic investment in Figure and becoming its preferred AI infrastructure provider to support development of its Helix models and humanoid robots.

Nscale generated $140.6 million in revenue during the first six months of 2026, compared with $10.4 million in the corresponding period of 2025—a 1,252% year-over-year increase. Full-year revenue grew from $19.1 million in 2024 to $33 million in 2025.

Despite this growth, the company continues to incur substantial losses as it develops its infrastructure. Nscale reported a $1.02 billion net loss for the first half of 2026, compared with $368.9 million for the corresponding period in 2025. Its full-year 2025 net loss was $761.8 million. The company also identified customer concentration, access to financing, and timely deployment of contracted infrastructure as important business risks.

On September 15, 2026, Nscale entered into a subscription agreement with NVIDIA involving a minimum of $3.1 billion in financing, comprising $2.1 billion in unsecured convertible loan notes and a further $1 billion in convertible notes or non-voting shares, depending on transaction timing.

The company is expanding beyond physical infrastructure through its planned acquisition of Anyscale, announced in July 2026. Anyscale provides an AI computing platform built around Ray, the open-source distributed AI framework. The acquisition is expected to add approximately 200 employees and expand Nscale's software capabilities in distributed computing, model training, and inference. The transaction remains subject to customary closing conditions.

Nscale intends to use IPO proceeds to support data center development, technology investments, working capital, and other corporate purposes, with possible allocation toward acquisitions or investments in complementary technologies.

Goldman Sachs, JPMorgan, and Morgan Stanley are serving as lead bookrunners for the proposed offering. The preliminary filing does not yet specify the number of shares to be offered or the expected IPO price range.