Nvidia-Backed Nscale Files for IPO After Losing $1 Billion in Six Months

Nvidia-backed AI infrastructure company Nscale is preparing to go public after recording explosive revenue growth, and an even more dramatic loss. The British company filed for an IPO on the New York Stock Exchange under the ticker NSCL, opening another route for investors to bet on the global AI data-center boom. According to Nscale's IPO filing with the SEC, revenue reached $140.

6 million in the first half of 2026, up 1,252% year over year. But its net loss widened to approximately $1. 02 billion.

The headline loss isn't entirely operating burn. Roughly $457 million came from fair-value adjustments, while Nscale reported an operating loss of about $492 million. $140M Revenue, $100B-Plus Opportunity The scale of Nscale's ambitions helps explain the spending.

As of Aug. 31, the company reported approximately $103. 4 billion in active and contracted total contract value, involving around 461,000 active or contracted GPUs.

That puts Nscale directly inside the enormous capital race to build computing capacity for increasingly powerful AI models. Who is financing the $3. 6 trillion AI data-center boom, where Nvidia is becoming more than just the company selling the chips, it is increasingly connected to the financing and expansion of the ecosystem buying them.

Is Nscale the Next CoreWeave? Nscale's IPO will naturally draw comparisons with Nvidia-backed CoreWeave, another AI infrastructure company balancing enormous demand with huge capital requirements. CoreWeave recently turned to a multibillion-dollar financing package as it expands its infrastructure, a trend Coinpaper explored in its coverage of the company's $3 billion convertible debt raise.