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Nvidia-backed Nscale wants to ride the AI infrastructure boom to wall street: files for NYSE IPO. Stock score locked: want to see it? Benzinga Rankings give you vital metrics on any stock - anytime. Nvidia (NASDAQ:NVDA)-backed British AI infrastructure provider Nscale filed for an initial public offering (IPO) on the New York Stock Exchange this week, seeking to list under the ticker "NSCL" as it rides explosive demand for computing power. Revenue surges, but losses mount. London-based Nscale reported $140.6 million in revenue for the six months ended Jun. 30, according to its IPO prospectus. That was a 1,252% increase from the $10.4 million it reported during the same period a year earlier. However, the neocloud provider's net losses also increased, reaching $1.02 billion compared with $368.9 million a year earlier. Nscale also reported $56.4 billion in remaining performance obligations. More than half of its revenue during the first half of the year came from one unnamed customer. Big-Name backers and AI deals. Nscale rents Nvidia GPUs to AI companies such as OpenAI and Anthropic, both of which are preparing for their own potential public offerings. It also has a partnership with Microsoft (NASDAQ:MSFT). Don't Miss: Practice Futures Trading With NinjaTrader's 14-Day Free Sim Trial. Better Futures Start Here. The company competes with Amazon (NASDAQ:AMZN) as well as other neocloud providers CoreWeave (NASDAQ:CRWV) and Nebius (NASDAQ:NBIS). Recently, Humanoid robotics startup Figure AI has also committed $3.5 billion of compute to Nscale, underscoring demand beyond traditional AI labs. As of Aug. 31, Nscale had 25,000 active GPUs, with another 461,000 either active or under contract. These GPUs were spread across five active data centers and 12 contracted facilities. The company's investors include Blue Owl, Dell (NYSE:DELL), Nvidia and Fidelity. In March, Nscale raised $2 billion, valuing it at $14.6 billion. The company has more than $8 billion in debt, CNBC reported. Founder and CEO Josh Payne, in a letter to prospective investors included with the filing, wrote: "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." Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Posted In:

Nscale files for NYSE IPO, adding New force to the AI data center boom. Artificial intelligence data center developer Nscale has submitted an initial public offering application to the U.S. Securities and Exchange Commission, planning to list on the New York Stock Exchange under the ticker symbol "NSCL." Nscale's IPO application reflects both the enthusiasm and the hidden concerns surrounding the AI infrastructure sector in the capital markets. On the one hand, the company's revenue grew more than 12-fold within half a year, and it holds over $100 billion in contracts and 10 gigawatts of power resources, while being deeply tied to giants such as Nvidia, Microsoft, and Anthropic; on the other hand, its net loss simultaneously expanded to $1.02 billion, and its dependence on Nvidia for GPU supply and the continuous capital consumption of asset-heavy expansion are all tests it must face after entering the public market. Against the backdrop of continuously rising AI computing demand, whether Nscale can convert its massive contract backlog into stable cash flow will determine whether its listing story can truly be delivered. According to previous reports, the company seeks to raise up to approximately $3 billion through this IPO, with the proceeds to be used to support data center equipment investment to meet the continuously growing computing demand of the artificial intelligence industry. Nscale is headquartered in London and is one of the "neocloud" operators that have risen rapidly amid the AI infrastructure boom in recent years, mainly renting out computing resources to enterprises developing artificial intelligence models and applications. The company's partners include Nvidia and Microsoft, and it has signed large-scale computing agreements with AI companies such as Anthropic. However, Nscale's rapid expansion has also been accompanied by huge losses. According to the filing the company submitted to the SEC on Friday, in the six months ended June 30, Nscale generated $140.6 million in revenue, an increase of more than 12-fold from $10.4 million in the same period a year earlier; during the same period, its net loss widened from $368.9 million to $1.02 billion. From crypto mining to AI infrastructure transformation. Nscale was spun off from a cryptocurrency mining business in early 2024 and has since rapidly transformed into an AI data center operator. Unlike traditional hyperscale cloud service providers such as Amazon AWS, Microsoft Azure, and Google Cloud, Nscale belongs to the "neocloud" operators that have emerged rapidly in recent years, mainly building infrastructure around AI computing resources such as GPUs and then renting out computing power to large technology companies and AI model developers. In March of this year, Nscale completed a Series C funding round led by Norwegian industrial investment group Aker and investment institution 8090 Industries, reaching a company valuation of approximately $14.6 billion. Nvidia and Nokia also participated in that funding round. The company is now seeking up to $3 billion in IPO financing, which means it may further leverage the public capital market to fund its rapidly expanding data centers and GPU infrastructure. Power resources and long-term contracts form core bargaining chips. One of the core bargaining chips behind Nscale's rapid expansion is large-scale power and data center resources. As of August 2026, the data centers under the company own or control more than 10 gigawatts of power resources, with total contract value reaching approximately $103 billion. The so-called "hyperscale AI hubs" the company is building in Norway, Portugal, Texas, and West Virginia each have a power capacity of more than 200 megawatts. Among them, the data center located in Narvik, Norway, has become an important project in Nscale's cooperation with Microsoft. In April of this year, the company agreed to add more than 30,000 Nvidia chips on top of its existing Microsoft computing leasing agreement, further expanding AI computing capacity.

Nvidia-backed AI cloud firm Nscale reveals revenue surge in US IPO filing. Published on 09/18/2026 at 05:42 pm EDT Sept 18 (Reuters) - Nscale, a British cloud provider backed by chip giant Nvidia, said on Friday its revenue surged 1,252% in the first half of 2026, as it looks to tap investor appetite for AI stocks. The London-based company posted a net loss of $1.02 billion on revenue of $140.6 million in the six months ended June 30, compared with a net loss of $368.9 million on revenue of $10.4 million a year earlier, according to its IPO filing. The listing is set to test investor appetite for AI infrastructure stocks after calls from CEOs of top AI labs earlier this month for slowdown in the development of the technology rattled markets. "The setup for AI infrastructure is good enough to get these deals done, but it's nothing like the euphoria of a few months ago," said Matt Kennedy, senior ?strategist at Renaissance Capital, a provider of IPO-focused research and ETFs. "Neocloud players seem to be holding up better than the AI infrastructure stocks that sit further up the supply chain." Cloud provider Nebius this week unveiled price hikes, while CoreWeave said it continues to sign contracts at higher prices, underscoring solid demand for computing capacity. Nscale, which plans to sell new shares, is targeting a multibillion-dollar listing and a valuation of about $30 billion, CNBC reported. The firm was valued at $14.6 billion in a March funding round. This week, Nscale agreed to sell $3.1 billion of convertible bonds to investors, including $1 billion to Nvidia, according to its filing. OVER $100 BILLION OF CONTRACTED REVENUE The company provides infrastructure, including compute, power and data centers, as well as software for training and running AI models. It operates in 14 regions and has a power pipeline of more than 10 gigawatts. Nscale, which competes against CoreWeave, Nebius, Crusoe and Lambda, has grown rapidly since its launch, scaling to more than $103 billion in total contracted value from $100 million in only two and a half years. The firm has landed big wins this year. AI lab Anthropic last month struck a deal to spend $45 billion to rent AI cloud computing power from Nscale's West ?Virginia data center campus. "Despite some negative headlines, this space is still attracting billions. There are still major bottlenecks in AI compute and power infrastructure," Kennedy said, adding that Nscale's more than $100 billion in total contract value was a main selling point. A huge chunk of its revenue, however, comes from a limited number of customers. Its largest customer accounted for 52% of its revenue in the first half of 2026. Microsoft and Anthropic are expected to be major Nscale customers in future periods, according to its prospectus. Goldman Sachs, J.P. Morgan and Morgan Stanley are the lead underwriters for the offering. Nscale plans to list on the NYSE under the symbol "NSCL." (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Tasim Zahid) By Arasu Kannagi Basil (C) Reuters - 2026