Nscale, a British AI infrastructure provider backed by Nvidia, has filed for an initial public offering (IPO) on the New York Stock Exchange. The company is seeking to list under the ticker symbol "NSCL" as it aims to capitalize on the growing demand for computing power.
According to the prospectus included in the filing, Nscale reported $140.6 million in revenue for the six months ended June 30. This figure represents a 1,252% increase compared to the $10.4 million generated during the same period in the previous year. However, the company also reported significant net losses, which grew to $1.02 billion from $368.9 million a year earlier.
Nscale operates as a neocloud provider, renting Nvidia GPUs to major artificial intelligence companies. Its client base includes OpenAI and Anthropic, both of which are reportedly preparing for their own potential public offerings. The company also maintains a partnership with Microsoft. Additionally, Humanoid robotics startup Figure AI has committed $3.5 billion of compute to Nscale.
Financially, the company reported $56.4 billion in remaining performance obligations. As of August 31, Nscale had 25,000 active GPUs, with another 461,000 either active or under contract. These assets are spread across five active data centers and 12 contracted facilities.
The company's investors include Blue Owl, Dell, Nvidia, and Fidelity. In March, Nscale raised $2 billion in funding, which valued the company at $14.6 billion. Reports indicate that the company has more than $8 billion in debt. Nscale competes with other neocloud providers, including CoreWeave and Nebius, as well as Amazon.
In a letter to prospective investors included with the filing, founder and CEO Josh Payne stated, "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."
