Nscale files for IPO, seeks NYSE listing under ticker NSCL

(Updated - September 18, 2026 3:50 PM EDT)

Nscale, a technology company, has filed for an initial public offering and is seeking to list on the New York Stock Exchange under the ticker symbol NSCL, according to a prospectus filing.

Financial data included in the filing shows revenue of $33.0 million for the full year ended December 31, 2025, up from $19.1 million in 2024. For the six months ended June 30, 2026, revenue reached $140.6 million, compared with $10.4 million in the same period of 2025.

The company reported a net loss of $761.8 million for the full year 2025, widening from a net loss of $78.2 million in 2024. For the six months ended June 30, 2026, the net loss was $1.02 billion, compared with $368.9 million in the same period of 2025.

Operating losses also expanded significantly. For the six months ended June 30, 2026, the operating loss was $492.0 million, versus $24.7 million for the same period in 2025. For the full year 2025, the operating loss was $169.8 million, compared with $16.1 million in 2024.

A large portion of the losses stemmed from fair value adjustments, which totaled $527.8 million for the full year 2025 and $457.1 million for the first half of 2026. Net loss per share, basic and diluted, was $4.37 for the full year 2025 and $5.00 for the six months ended June 30, 2026.

The filing did not disclose the number of shares to be offered or the expected price range for the IPO. The information above is drawn from the company's prospectus filing.

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