Nscale’s IPO Filing Shows $103 Billion Booked and 25,000 GPUs Live

Nscale, the London-based AI cloud company founded in 2024, filed for a New York Stock Exchange listing on 18 September 2026, and its prospectus shows contracts running far ahead of hardware. The S-1 states that on 31 August 2026 the company had about 25,000 active GPUs against 461,000 that were active or contracted, and more than $103 billion in total contracted value.

The same filing reports revenue of $140.6 million for the six months to 30 June 2026, up 1,252% from $10.4 million a year earlier, and a net loss of $1.02 billion, against $368.9 million in the first half of 2025. Cost of revenue, excluding depreciation, was $189.6 million in the half, so Nscale spent more delivering its service than it billed before a single dollar of depreciation was counted. The shares will trade as NSCL, with Goldman Sachs, J.P. Morgan and Morgan Stanley leading the offering, Reuters reported on 18 September.

Two customers, $88 billion

Most of the $103 billion rests on two counterparties. The prospectus says Microsoft signed statements of work between September 2025 and April 2026 worth up to about $43.8 billion through December 2033. On 25 August 2026 Anthropic signed GPU services agreements worth up to about $44.6 billion for Nvidia Vera Rubin NVL72 systems at the Monarch Compute Campus in Mason County, West Virginia. Together those ceilings come to $88.4 billion, roughly 86% of the headline figure, and both are maximums that depend on Nscale meeting delivery and availability terms. The filing also lists a 24 August agreement with Figure AI covering up to 100,000 Vera Rubin GPUs from the second half of 2027, with Nscale taking a stake in the robotics company.

Concentration already shows in the revenue line. Nscale’s largest customer accounted for 52% of revenue in the first half of 2026 and 73% in 2025, according to the S-1, and in 2024 a single customer provided substantially all of it. The filing also records that OpenAI withdrew from the Stargate Norway and Stargate UK partnerships in April 2026, with Microsoft expanding its agreement to take the extra capacity at Stargate Norway.

The going-concern paragraph

The notes to the financial statements carry the passage most likely to be read twice. Management states that its forecast funding requirements relied on uncommitted debt and equity financing, which “initially raised substantial doubt about the Company’s ability to continue as a going concern”. It concluded that a plan to defer, reduce or cancel capital expenditure if that financing did not arrive would be enough to alleviate the doubt.

The money is arriving quickly. Nscale raised $1.64 billion in a Series C round on 27 March 2026, the S-1 says, and on 15 September 2026 signed a subscription agreement for at least $3.1 billion, made up of $2.1 billion of unsecured convertible loan notes and a further $1.0 billion to be issued to Nvidia. The prospectus does not yet state an offering size; Bloomberg News has reported, based on unnamed sources, that the company is seeking to raise as much as $3 billion.

A construction programme with a ticker

The honest reading is that Nscale is asking public investors to finance a build-out, not to buy a running cloud. About 5% of its active and contracted GPUs were live at the end of August, and its 1.37 GW of active and contracted capacity sits against what the filing calls line of sight to about 10 GW. The Monarch campus alone, a site of roughly 2,250 acres acquired in March 2026, is designed for up to 8 GW of gross behind-the-meter power, with up to 2 GW of generation expected by the first half of 2028. The company’s oldest operating base is more modest: at Glomfjord in northern Norway, the filing says, waste heat from the racks goes to a local fish farm.

The strongest case on the other side is the quality of the paper. Microsoft and Anthropic are among the most creditworthy buyers of compute anywhere, and Nscale reported $34.5 billion of remaining performance obligations at 31 December 2025, before the Anthropic agreements were signed. What the prospectus cannot yet show is whether a company running 25,000 GPUs in August can bring hundreds of thousands online on the dates those contracts require.