Nvidia-backed AI cloud firm Nscale reveals revenue surge in US IPO filing

Key Points:

• Nscale, a London-based AI infrastructure company, reported a net loss of $1.02 billion on $140.6 million revenue for the first half of 2026, compared to a $368.9 million loss on $10.4 million revenue a year earlier, as per its IPO filing.
• The company aims for a multibillion-dollar NYSE listing with a valuation around $30 billion, up from $14.6 billion in March, and has secured $3.1 billion in convertible bonds, including $1 billion from Nvidia.
• Nscale operates in 14 regions, providing compute, power, data centers, and AI software, with a power pipeline exceeding 10 gigawatts and over $100 billion in contracted revenue, including a $45 billion deal with AI lab Anthropic.
• Despite market concerns and CEO calls for AI development slowdowns, Nscale's niche in AI infrastructure remains strong, though its revenue is heavily concentrated, with its largest customer contributing 52% of revenue in H1 2026.
• Major future customers are expected to include Microsoft and Anthropic, with Goldman Sachs, J.P. Morgan, and Morgan Stanley leading the IPO underwriting.