The Pulse

Nscale estimates $1.69 billion nine-month loss in amended IPO filing

Nscale estimates it lost $1.69 billion in the nine months through September on revenue of $307.5 million. Its amended IPO filing leaves the proposed share count and price range blank.

AI.info Team · · fact-checked · against 3 sources ↓ · Published 13 Nov 2026

Nscale estimates it lost $1.69 billion in the nine months through September 2026 on revenue of $307.5 million, according to its amended IPO filing. The estimate follows an unaudited net loss of $1,020.1 million on revenue of $140.6 million in the first half of the year, the filing shows.

The AI cloud provider filed its amended registration statement with the U.S. Securities and Exchange Commission on Nov. 12. It has applied to list ordinary shares on the New York Stock Exchange under the symbol NSCL, but the preliminary prospectus leaves the share count and expected price range blank.

Losses and revenue

For the same nine months of 2025, revenue was $21.3 million and the net loss was $433.3 million, the filing shows. The nine-month figures for 2026 are preliminary and unaudited and may change, the filing says.

The estimated nine-month loss included $629.9 million in fair value adjustment losses, $339.8 million in depreciation and amortization, $242.2 million in net interest expense and $174.0 million in share-based compensation. Nscale had an estimated $3.58 billion in cash and $5.52 billion in total debt at Sept. 30.

Contracts and customers

Nscale puts its active and contracted value under take-or-pay deals at $105.8 billion, including $6.4 billion that is active. The company says its portfolio has about 50,000 active GPUs and 461,000 active and contracted GPUs.

Nscale's largest customer accounted for 52% of revenue in the first half of 2026 and 73% in 2025. The company expects Microsoft and Anthropic to be significant customers in future periods.

Financing the buildout

Agreements signed with Anthropic on Aug. 25 provide for payments of up to about $44.6 billion for GPU services at the Monarch Compute Campus in West Virginia, Voltgrid reported. Nscale expects data center and power capital spending of about $10 billion to $10.5 billion for the first building, and $21 billion to $22 billion for GPUs and compute equipment there.

Nscale says it has no binding commitments for that financing, which remains in process, and cannot be assured of obtaining it on acceptable terms or at all. As of June 30, the company had $24.0 billion in purchase commitments for technology equipment not yet delivered and $3.5 billion in data center construction commitments, both payable mainly in 2026 and 2027.

Offering details

The prospectus is preliminary and its information may change. The company cannot sell the securities until the registration statement becomes effective.

Goldman Sachs, J.P. Morgan and Morgan Stanley are listed as lead bookrunners. The proposed offering would consist of Nscale ordinary shares, which have not previously had a public market.