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.
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.
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.
