Nvidia-backed AI cloud firm Nscale files for NYSE IPO under ticker NSCL, revenue up 1,252%

Nscale, an AI infrastructure cloud provider backed by Nvidia (NVDA), filed Friday for an initial public offering on the New York Stock Exchange under the ticker "NSCL." The London-based company reported revenue of $140.6 million for the six months ended June 30, 2026, up 1,252% from $10.4 million a year earlier. Its net loss widened to $1.02 billion from $368.9 million. Nscale said its remaining performance obligations total $56.4 billion. It competes with Amazon (AMZN), CoreWeave (CRWV) and Nebius (NBIS), and counts Anthropic, OpenAI and Microsoft (MSFT) as customers. One unnamed client accounted for more than half of first-half 2026 revenue. As of August 31, Nscale had 25,000 active GPUs, with 461,000 active or contracted, plus five operating and 12 contracted data centers. Debt exceeds $8 billion, excluding a Dell (DELL) financing plan. Nvidia agreed to guarantee up to $860 million of a Texas data center lease. Investors include Blue Owl, Dell, Fidelity and Point72; a March round valued Nscale at $14.6 billion.