Nscale has filed a Form S-1 with the U.S. Securities and Exchange Commission for a proposed IPO of its ordinary shares and applied to list on the New York Stock Exchange under the ticker NSCL, the company said in a Sept. 18, 2026 announcement. CNBC, SiliconANGLE, and Renaissance Capital also reported the filing.
Share count and price range have not been set. Goldman Sachs & Co. LLC, J.P. Morgan, and Morgan Stanley are lead bookrunners, according to the company.
CNBC, citing the prospectus, reported a $1.02 billion net loss on $140.6 million in revenue for the six months ended June 30, 2026. SiliconANGLE reported the same first-half figures and said revenue was up more than 1,250% from a year earlier while the net loss nearly tripled.
Contracted-business figures differ by measure. CNBC, citing the prospectus, reported $56.4 billion of remaining performance obligations. Other accounts of the filing have cited roughly $103.4 billion of active and contracted total contract value as of Aug. 31, 2026, and SiliconANGLE highlighted a large Anthropic infrastructure agreement. Those contracted totals dwarf near-term sales and should not be read as the same metric.
Nscale did not disclose how much it aims to raise. Renaissance Capital estimated the offering could raise about $2 billion. Earlier Bloomberg-sourced reports had put the target as high as $3 billion. The primary S-1 text could not be independently retrieved for this story.
CNBC described Nscale as an AI infrastructure cloud provider; Renaissance Capital called it a UK-based data-center and AI services company that emerged in 2024 from cryptocurrency miner Arkon Energy. Issuer legal names vary slightly across outlets.
A public listing would put another loss-making AI neocloud on U.S. markets with explosive reported revenue growth and contracted backlog far larger than current sales — a capital-markets path that contrasts with staying private on mega-rounds, even while size and price remain blank.