Quick Facts
- Nscale filed a Form S-1 with the SEC to list on the NYSE under the ticker NSCL, with Goldman Sachs, J.P. Morgan, and Morgan Stanley leading 23 underwriters.
- The company signed a $44.6 billion infrastructure deal with Anthropic and holds $103.4 billion in total active and contracted contract value.
- Revenue for the first half of 2026 surged 1,252% year-over-year to $140.6 million, but the net loss widened to $1.02 billion in the same period.
Nscale Limited has filed a Form S-1 with the U.S. Securities and Exchange Commission to list its ordinary shares on the New York Stock Exchange under the ticker symbol NSCL. The London-headquartered AI infrastructure company is seeking up to $3 billion in the offering, according to Bloomberg. Goldman Sachs, J.P. Morgan, and Morgan Stanley are leading a 23-bank underwriting group.
The filing comes weeks after Nscale announced a $44.6 billion infrastructure deal with Anthropic, the AI developer behind Claude. The agreement gives Anthropic roughly 460 megawatts of computing capacity at Nscale’s Monarch Compute Campus in West Virginia over six years. That facility, acquired through AIPCorp in March 2026, sits on land with a power generation runway scalable to more than 8 gigawatts. The infrastructure will run on Nvidia’s next-generation Vera Rubin chips and is expected to go live by late 2027.
Nscale was founded in 2023 by Josh Payne and Nathan Townsend as a spinout of Arkon Energy, a renewably powered data center business originally built for cryptocurrency mining. By early 2024, the company had pivoted to leasing compute capacity to AI developers. It now operates five active data center sites in Ireland, Norway, and Portugal, with 12 more under contract.
The company’s financials show explosive growth alongside steep losses. Revenue for the six months ended June 30, 2026, reached $140.6 million, up from $10.4 million in the same period a year earlier. Net losses widened to $1.02 billion from $368.9 million. Cost of revenue alone hit $189.6 million, exceeding total revenue for the period. Total assets stood at $17.25 billion against $12.36 billion in liabilities as of June 30.
The Anthropic contract is not Nscale’s only major commitment. Microsoft has agreements with the company providing for payments of up to $43.8 billion. Together, the two contracts represent up to $88.4 billion in potential payments. Nscale’s total active and contracted contract value reached $103.4 billion as of Aug. 31, 2026, up from $38 billion at the end of 2025.
Customer concentration is a material risk. Nscale disclosed that its largest customer accounted for 52% of revenue in the first half of 2026. The company did not name the customer in its filing.
Nscale also recently signed a multiyear deal with humanoid robotics company Figure involving an initial $3.5 billion compute commitment and up to 100,000 Nvidia Vera Rubin GPUs. The parties said they intend to grow the deal beyond $6 billion.
As of Aug. 31, Nscale held 25,000 active GPUs and 461,000 that were either active or contracted across five active and 12 contracted data center sites. The company carries more than $8 billion in debt, excluding a financing arrangement with Dell.
Nscale was last valued at $14.6 billion in a March 2026 private funding round. The company plans to re-register as Nscale plc before the offering closes. CEO Josh Payne wrote in his letter to prospective investors that the company’s approach centers on building against contracted customer demand and matching capital commitments to long-term revenues.
Read more: Data center builder Nscale files for IPO after multibillion-dollar Anthropic deal