London-based AI infrastructure provider Nscale filed an S-1 registration statement on 18 September 2026 to list on the New York Stock Exchange under the ticker NSCL, targeting a valuation of about $30 billion, according to CNBC.
Key points
- Nscale filed its S-1 on 18 September 2026 for a NYSE listing under the ticker NSCL, with Goldman Sachs, JPMorgan and Morgan Stanley as lead bookrunners.
- The company targets a $30 billion valuation, nearly double the $14.6 billion post-money valuation of its March 2026 Series C round.
- Revenue for the six months ended 30 June 2026 reached $140.6 million, up 1,252% from $10.4 million a year earlier, while the net loss widened to $1.02 billion from $368.9 million.
- Nscale agreed to sell $3.1 billion of convertible bonds, including a $1 billion commitment from Nvidia.
- Only $2.6 billion of the $103.4 billion total contracted value was active as of 31 August 2026, and the largest customer accounted for 52% of first-half revenue.
Valuation target nearly doubles March Series C price
The $30 billion IPO valuation target represents a rapid re-rating from the $14.6 billion post-money valuation established in the March 2026 Series C round led by Aker ASA and 8090 Industries, TechFundingNews reported. Silicon Republic reported that the Financial Times cited people familiar with the matter saying the company is seeking a valuation of up to $35 billion. Neither the number of shares to be offered nor the price range has been determined, the company said in its filing.
Revenue growth accompanied by widening losses
Revenue for the first half of 2026 surged to $140.6 million from $10.4 million in the same period a year earlier, a 1,252% increase. The net loss widened to $1.02 billion from $368.9 million. EBC reported that fair-value adjustments accounted for $457.1 million, or nearly 45% of the loss, while depreciation and amortisation added another $174.0 million. Cost of revenue excluding depreciation and amortisation reached $189.6 million against $140.6 million of revenue, meaning direct costs exceeded sales by roughly $49 million before depreciation. The operating loss reached $492.0 million, according to the same analysis.
The largest customer accounted for 52% of first-half revenue, the filing shows.
Infrastructure footprint and contracted pipeline
As of 31 August 2026, Nscale’s infrastructure portfolio included approximately 25,000 active GPUs and 461,000 active and contracted GPUs across five active and 12 contracted data centre sites, with approximately 1.37 GW of active and contracted capacity. The company’s footprint is concentrated in renewable-rich, low-cost power regions including Norway, Portugal, Iceland and select locations in the United States and APAC. Total contracted value reached $103.4 billion, though contracts have a weighted-average life of approximately 5.7 years and most committed arrangements are structured as long-term take-or-pay contracts that begin after GPU compute clusters are successfully delivered.
Financing the buildout
On 15 September, Nscale entered a subscription agreement for at least $3.1 billion in convertible bonds, with Nvidia committing $1 billion through convertible notes or non-voting shares, the form depending on whether the transaction closes before or after the IPO. At 30 June 2026, $24.0 billion of outstanding commitments related to technology equipment not yet delivered, while another $3.5 billion covered data-centre construction and supporting services, with most payments due during 2026 and 2027. The company disclosed it had not secured binding financing commitments for the GPU equipment and data-centre infrastructure required to fulfil its Anthropic agreements as of the S-1 filing date.
