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The AI cloud provider is heading toward public markets with fast revenue growth, widening losses and no share price or offering size yet set.
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Nscale has started the process of becoming a public company, applying to list on the NYSE under NSCL after revenue grew more than twelvefold year over year. The filing highlights the capital intensity of its Nvidia GPU cloud model: first-half revenue reached $140.6 million, but net loss expanded to $1.02 billion. Investors do not yet know the valuation, share count, or fundraising target. The key next signal will be the eventual price range and whether public markets accept its infrastructure-heavy growth strategy.
Revenue rose from $10.4 million to $140.6 million year over year, while net loss increased from $368.9 million to $1.02 billion.
Nscale has not disclosed an offering size, valuation, share count, or proposed price range; its S-1 is not yet effective.
The company lists 12 U.S. and European data-center locations and more than 1,000 full-time employees as of August 31.
Nscale has filed for a U.S. initial public offering, seeking to list on the New York Stock Exchange as NSCL. The filing brings a fast-growing AI cloud provider toward public markets with $140.6 million in first-half revenue and a $1.02 billion net loss.
Nscale said it filed a Form S-1 registration statement with the Securities and Exchange Commission and applied to list its ordinary shares on the NYSE. The number of shares and proposed price range have not been determined, and the registration statement is not yet effective. Goldman Sachs, J.P. Morgan and Morgan Stanley are the lead bookrunners.
Nscale rents Nvidia graphics processing units, or GPUs, for customers to train AI models and run them after training. Nscale describes itself as a full-stack AI cloud platform combining software, compute, data centers and power.
Revenue rose 1,252% from $10.4 million in the same six-month period a year earlier, while the net loss increased from $368.9 million. The filing does not set an offering valuation or say how much capital Nscale aims to raise.
The company has signed deals with OpenAI, Anthropic and Microsoft, according to CNBC. It competes with major cloud providers such as Amazon and AI-focused suppliers CoreWeave and Nebius.
The immediate unknown is not whether Nscale has begun the IPO process, but on what terms investors will be asked to fund it. The company has made a registration filing, not a completed offering. Its eventual share count and price range will determine how the market values the business.
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