Nscale posts $307.5 million in preliminary revenue in IPO filing
The cloud provider expects a $1.7 billion net loss for the nine months through 30 September 2026, up from $433.3 million a year earlier, as it prepares a proposed stock market listing.
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Nscale disclosed preliminary revenue of $307.5 million for the nine months ended 30 September 2026, in an amended initial public offering filing on 12 November. Revenue was $21.3 million in the same period of 2025.
Nscale expects a net loss of $1.7 billion for the nine-month period, compared with a net loss of $433.3 million a year earlier.
The London-based company had filed for its initial public offering in September with results for the first half of the year. The amendment added the July–September quarter.
Nscale supplies computing capacity, power infrastructure, data centers and software for training and running superintelligence (SI) models. Nvidia backs the company and supplies its graphics processing units, the chips used for computing workloads.
Financing and contracted capacity
In March 2026, Nscale raised $2 billion in a Series C funding round, a later-stage private investment round, at a $14.6 billion valuation.
In September, Nscale announced $3.36 billion in convertible financing, which can convert into shares, ProShares said. It included an initial $2.36 billion and an additional $1 billion commitment from Nvidia that was expected to fund in mid-November 2026.
ProShares said Nscale’s filing showed approximately $103.4 billion in contracted value as of 31 August 2026, but only about $2.6 billion was associated with active capacity. It said delivering contracted capacity requires investment in power, data centers and chips, and that some commitments depend on financing and construction milestones.
ProShares said approximately 85% of the total contracted value comes from two customers, Microsoft and Anthropic.
Listing terms remain undisclosed
Nscale did not disclose offering terms in the amendment. 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.
On 10 November, The Telegraph said Nscale executives were considering postponing a listing reported at $35 billion until 2027. Nscale did not immediately respond to a request for comment outside regular business hours. The reported listing valuation is not a confirmed offering term.
ProShares said the registration statement had been filed but was not yet effective and that no official IPO date had been set.
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