Nvidia-Backed AI Data Center Firm Nscale Files for U.S. IPO

London-based data center operator Nscale has filed with the U.S. Securities and Exchange Commission for an initial public offering on the New York Stock Exchange under the ticker NSCL, seeking to raise up to $3 billion to expand infrastructure supporting AI computing demand. Goldman Sachs, JPMorgan and Morgan Stanley are acting as lead underwriters.

Nscale was spun off from a cryptocurrency mining business in early 2024 and has repositioned itself as a neocloud operator renting computing resources to AI developers. According to the prospectus, as of August 2026, the company controlled more than 10 gigawatts of power across its data centers, with total contract value of approximately $103 billion. Its partners include Nvidia and Microsoft.

For the six months ended June 30, 2026, Nscale reported revenue of $140.6 million and a net loss of $1.02 billion, compared with revenue of $10.4 million and a net loss of $368.9 million in the same period a year earlier. Rapid growth alongside heavy capital spending is expected to be a key focus for investors evaluating the IPO.

Nvidia plays a central role in the offering, serving as a shareholder, supplier and potential lender. Nscale issued warrants to Nvidia during its Series B round, giving Nvidia a stake of more than 5% in non-voting shares. On September 15, 2026, Nscale entered into a subscription agreement to issue $2.1 billion in unsecured convertible notes to investors, plus an additional $1 billion in notes or non-voting shares to Nvidia. The company also acknowledged that its GPU supply is highly dependent on Nvidia, creating concentration risk.

Beyond hardware expansion, Nscale agreed in July 2026 to acquire software startup Anyscale for $1.65 billion, signaling a shift toward becoming a comprehensive AI computing services provider. Its Monarch campus in West Virginia is expected to begin production in the first half of 2028 with 2 gigawatts of total power capacity; Anthropic has agreed to spend $45 billion to lease AI cloud resources at the site.