Nscale discloses $1.69 billion quarterly loss in updated IPO filing

Nscale’s next step toward public markets comes with a larger financial shortfall. The AI cloud provider updated its U.S. IPO prospectus on November 12, 2026, disclosing a $1.69 billion third-quarter net loss on $307.5 million in revenue. Sales rose 1,344% from a year earlier, but the loss widened from the preceding quarter, CNBC reported.

September established the route to market

Nscale began the public filing process on September 18, announcing that it had submitted a Form S-1 registration statement to the U.S. Securities and Exchange Commission. The London-based company applied to list its ordinary shares on the New York Stock Exchange under the ticker NSCL. Thursday’s update was its first prospectus revision since September.

Its business combines software, computing hardware, data centers and power. Customers rent access to chips such as Nvidia graphics processing units, or GPUs. Nscale describes its platform as supporting both AI training and inference—the use of a trained model.

More Anthropic demand, a Microsoft power setback

After the initial filing, Anthropic exercised its right in late September to contract for additional computing power at an Nscale site in West Virginia.

Microsoft’s relationship with Nscale brought a different development. It walked away from an Nscale data center it had planned to use in England. Darren Hardman, Microsoft’s chief executive for the U.K. and Ireland, told CNBC in October that the decision concerned Nscale’s ability to secure access to electricity.

The Financial Times also reported that Microsoft decided against renewing an Nscale contract in Texas, according to CNBC. Despite those setbacks, Nscale said in its IPO filing that it expects Microsoft to be a significant customer in future periods.

Two quarterly measures, both rising

Revenue

$140.6 million→$307.5 million

million dollars

Second quarter to third quarter.

Net loss

$1.02 billion→$1.69 billion

billion dollars

Second quarter to third quarter.

November brings a larger quarter—and a larger loss

Revenue increased by $166.9 million, or about 119%, from the second quarter. The net loss increased by $670 million from the second quarter’s $1.02 billion, a rise of roughly 66%. Revenue grew faster in percentage terms, but that did not translate into a smaller dollar loss.

One central offering decision remains open: Nscale has not specified how much it intends to raise in the IPO. The November update supplies a newer financial picture, but it does not attach a fundraising target to the proposed New York listing.