Nscale Files for IPO, Discloses $1.02 Billion First-Half Loss on $140.6 Million Revenue

London-based AI hyperscaler Nscale filed for an initial public offering on September 18, 2026, in what would be the first major AI listing since mainstream debate over AI safety intensified, Axios reported on September 21, 2026. Renaissance Capital estimates the offering could raise about $2 billion. The company reported a $1.02 billion net loss on $140.6 million in revenue for the first half of 2026, compared with a $369 million net loss on $10.4 million in revenue a year earlier. Nscale disclosed more than $103 billion in total contracted value. Nscale, spun out of a cryptocurrency miner two years ago, has raised billions in venture capital and debt, most recently at a $13.5 billion post-money valuation in spring 2026, from investors including Aker, Sandton Capital Partners and Paladin Capital. Its S-1 filing details a web of circular AI financing involving Nvidia, a featured player, and Anthropic, a major customer.