AI cloud firm Nscale reveals revenue surge in US IPO filing
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Nscale logo is seen in this illustration taken, September 5, 2026. REUTERS/Dado Ruvic/Illustration
Sept 18 (Reuters) - Nscale said on Friday its revenue surged 1,252% in the first half of 2026, as the British cloud infrastructure provider pressed ahead with plans for a U.S. initial public offering despite choppy market conditions.
The London-based company posted a net loss of $1.02 billion on revenue of $140.6 million in the six months ended June 30, compared with a net loss of $368.9 million on revenue of $10.4 million a year earlier, according to its IPO filing.
The fall IPO season has opened on a shaky note as rising bond yields and uncertainty over the Federal Reserve's monetary policy path weigh on investor sentiment.
Nscale, which plans to sell new shares, is targeting a multi-billion-dollar listing and a valuation of about $30 billion, CNBC reported.
The listing is set to test investor appetite for AI infrastructure stocks after calls from CEOs of top AI labs earlier this month for slowdown in the development of the technology rattled markets.
AI infrastructure companies have been a dominant theme in the IPO market this year as surging demand for computing power and data-center capacity has pushed more companies to tap public markets.
The company's cloud platform provides infrastructure, including compute, power and data centers, as well as software for training and running AI models. It operates in 14 regions and has a power pipeline of more than 10 gigawatts.
Nscale has grown rapidly since its 2024 launch, scaling to more than $103 billion in total contracted value from $100 million.
Goldman Sachs, J.P. Morgan and Morgan Stanley are the lead underwriters for the offering. Nscale plans to list on the NYSE under the symbol "NSCL."
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Tasim Zahid)
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