Nscale IPO filing: $307.5 Million Revenue, $1.7B Loss

The Nscale IPO filing shows preliminary revenue of $307.5 million for the nine months to 30 September, up 1,344% from $21.3 million a year earlier, Reuters reported after the London-based AI cloud provider amended its US filing on Thursday 12 November. Nscale, backed by Nvidia, also expects a net loss of about $1.7 billion for the period, against $433.3 million a year earlier.

What happened

The amendment added July to September results. Nscale’s original filing in September covered only the first six months of the year, Reuters said. The company plans to list on the New York Stock Exchange under the symbol “NSCL”, with Goldman Sachs, J.P. Morgan and Morgan Stanley as lead underwriters. Nscale did not disclose the terms of the offering on Thursday.

The update followed a report on Tuesday 10 November. The Telegraph said Nscale was considering delaying a listing that Reuters described as a $35 billion one until next year, according to a Reuters write-up of the Telegraph story. Nscale did not immediately respond to Reuters’ request for comment at the time. Reuters noted that days earlier it had reported that Microsoft declined an option to expand its agreement with Nscale for computing power at a Texas data center, but the report does not say this led to any delay.

Key numbers

$307.5 million: preliminary revenue for the nine months to 30 September, per Reuters.
1,344%: revenue growth from $21.3 million in the same period a year earlier, per Reuters.
About $1.7 billion: expected net loss for the nine months, up from $433.3 million, per Reuters.
About $3.5 billion: funding sought in the September filing, of which Nvidia would provide $2 billion, according to the Reuters report on the Telegraph story.
$140.6 million and $1.02 billion: first-half revenue and loss in the September filing, per RuntimeWire.

Who is Nscale and what does it sell

Nscale rents out computing power, including Nvidia GPUs, plus the power and data centers behind it and software for training and running AI models, Reuters said. RuntimeWire, reporting on the September filing, named Josh Payne as the founder behind the company and put active and contracted total contract value at $103.4 billion.

Nvidia’s role makes the filing a read-across for artificial intelligence infrastructure, where cloud providers are spending heavily ahead of revenue. The numbers also show how quickly the loss is growing alongside sales. MT Newswires, in a MarketScreener headline, put the loss at $1.69 billion, while Reuters describes the roughly $1.7 billion as the nine-month figure. The timing also sits beside the record listing of Anthropic, which we covered in our report on the Anthropic IPO order book.

What it means for AI listings

Reuters called Anthropic’s listing a key test of Wall Street’s confidence in the AI boom. A strong reception there could help Nscale, while a weak one could strengthen the case for waiting. Nscale has not said what it will raise or at what price, and no company statement on timing was included in the Reuters report.

What happens next

The next step is a public set of offering terms: share count, price range and proceeds. Until Nscale files them, the Nscale IPO has no pricing date, and the Telegraph report that it may wait until next year remains unconfirmed by the company in the sources reviewed for this story.