Nscale’s amended US IPO registration statement, filed on 12 November, puts its preliminary nine-month net loss at $1.7 billion on $308 million of revenue, against a $433 million loss and $21 million of revenue a year earlier, MLQ reported. The figures cover the period ended 30 September. London-based Nscale, an Nvidia-backed provider of AI cloud infrastructure, is pursuing a New York listing.
Key points
- Estimated debt reached $5.5 billion at 30 September, compared with $79 million at the end of 2025.
- Nscale says its active and contracted take-or-pay agreements have a total contract value of $106 billion.
- Agreements with Anthropic provide for up to about $45 billion, but financing commitments needed for delivery have yet to be secured.
Nscale’s nine-month loss and debt
The period attached to the headline figures differs between reports. CNBC described the $308 million of revenue and $1.7 billion net loss as third-quarter figures, with revenue up 1,344% year on year. MLQ described them as preliminary estimates for the nine months ended 30 September. CNBC called $141 million of revenue and a $1 billion net loss second-quarter figures. MLQ described those amounts as six-month results.
MLQ reported that the net loss included $630 million of fair-value adjustment losses, $340 million of depreciation and amortisation, $242 million of net interest expense and $174 million of share-based compensation. Those items distinguish the reported net loss from the company’s operating loss.
Nscale’s estimated cash stood at $3.6 billion at 30 September. Estimated total debt was $5.5 billion, compared with $79 million at the end of 2025. The rise in borrowing places the company’s financing alongside its customer commitments as a central part of the proposed listing.
Microsoft and Anthropic contracts
Nscale says it has about $6.4 billion in active contract value and $106 billion in active and contracted total value under long-term take-or-pay agreements, which oblige customers to pay for capacity under their contracts. The latter figure stood at $38 billion at the end of 2025, according to MLQ. Nscale gives the agreements a weighted average life of 5.7 years.
Microsoft work orders signed between September 2025 and April 2026 provide for up to about $44 billion through 2033. One order worth $3.2 billion was terminated after the power provider for Nscale’s Loughton site in the UK withdrew its grid connection date. That termination removes an order from the planned capacity associated with Microsoft, while the remaining work orders extend across several years.
Anthropic agreements signed on 25 August provide for up to about $45 billion of Nvidia Vera Rubin capacity at Nscale’s Monarch campus in West Virginia. Nscale has yet to secure binding commitments for the financing required to deliver those agreements. Nscale anticipates Microsoft and Anthropic will account for a substantial share of its business in the years ahead. Its largest customer accounted for 52% of first-half 2026 revenue.
AI Affairs reported that Microsoft declined an option to more than double Nscale’s Texas AI contract.
NSCL named for New York listing
Nscale first filed to go public in September, CNBC reported. AI Affairs reported that Nscale was considering delaying its $35 billion New York listing until 2027. CNBC reported that the company had not specified how much it intended to raise.
The amended registration statement names NSCL as Nscale’s proposed New York Stock Exchange ticker and Goldman Sachs, J.P. Morgan and Morgan Stanley as lead bookrunners.
