Nvidia-backed artificial intelligence infrastructure provider Nscale has filed for a U.S. initial public offering on the New York Stock Exchange under the ticker NSCL, according to its SEC filing dated Sept. 18. The company reported $103.4 billion in active and contracted total contract value as of Aug. 31, up from $38 billion at the end of 2025. However, only $2.6 billion of that contract value was active at the time, and roughly 25,000 of about 461,000 active or contracted GPUs were operational.
Customer concentration is a central theme: Microsoft agreements worth up to $43.8 billion through December 2033 and Anthropic agreements signed Aug. 25 worth up to $44.6 billion together represent about 85% of the contract book. Anthropic contracts include financing conditions, and Nscale said it had no binding commitments for required project financing when the prospectus was filed. The company plans to deploy Nvidia Vera Rubin NVL72 systems at its Monarch Compute Campus, while Microsoft’s program covers about 200,000 Nvidia GB300 GPUs across Europe and the U.S.
Financially, Nscale reported $140.6 million in revenue for the first half of 2026, up from $10.4 million a year earlier, but an operating loss of $492 million and a net loss of about $1.02 billion, including roughly $457 million in fair-value adjustments. Nvidia’s financing includes a Sept. 15 subscription agreement for at least $3.1 billion, comprising $2.1 billion in unsecured convertible loan notes and another $1 billion from Nvidia through convertible notes or non-voting shares, expected to close around Nov. 16. Goldman Sachs, J.P. Morgan and Morgan Stanley are listed as lead underwriters.
The IPO draws comparisons to Nvidia-backed CoreWeave, another AI infrastructure company balancing surging demand with heavy capital requirements. Nvidia shares closed at $222.27 on Sept. 18, up 1.34%. For crypto markets, the filing is an equity-sector event rather than a digital-asset catalyst, though it highlights the scale of AI infrastructure financing.
