Nscale’s latest IPO filing estimates nine-month revenue at 14.4 times its year-earlier level, while projecting wider losses and leaving key terms blank for its proposed New York Stock Exchange listing.
An amendment filed Nov. 12 with the U.S. Securities and Exchange Commission puts revenue at $307.5 million for the nine months ended Sept. 30, 2026, compared with $21.3 million in the same 2025 period. Based on the rounded figures, revenue was about 14.4 times the earlier amount.
Nscale estimated a net loss of $1.6919 billion, up from $433.3 million, and an operating loss of $837.5 million, compared with $67.6 million. The company said its quarter-end close was unfinished and final amounts could change materially. It disclosed that KPMG LLP had not audited or reviewed the estimates.
The filing also puts cash and cash equivalents at $3.5759 billion and total debt at $5.5163 billion as of Sept. 30, including the current portion. Nscale describes its business as spanning land, power, data centers and AI computing infrastructure. It says building and expanding that capacity requires substantial capital and additional funding.
The new estimates add to the financial picture in Nscale’s earlier filing through June, which reported first-half revenue of $140.6 million, versus $10.4 million in the first half of 2025. Nscale attributed much of that increase to GPU deployments at sites in Portugal and Norway that began operating during the first half of 2026.
The filing shows that Nscale’s largest customer accounted for 52% of revenue in the six months ended June 30, 2026, compared with 73% for the year ended Dec. 31, 2025. Nscale says its take-or-pay contracts set prices for customers over multiple years while securing contracted cash flows for the company.
Nscale applied to list its ordinary shares on the New York Stock Exchange with the ticker NSCL. The amendment does not specify the offering’s price range or number of shares. It also says the separate NVIDIA Sale, involving a further $1 billion in unsecured convertible loan notes or non-voting shares, as applicable, is expected to close on or around Nov. 16.
