British AI cloud and data-center operator Nscale filed for a U.S. IPO on Sept. 18, planning to list on the New York Stock Exchange under ticker NSCL. Its SEC filing did not yet specify share count or price range. Nscale's H1 2026 revenue reached $140.6 million, up 1,252% year over year, while its net loss widened to approximately $1.02 billion.
The company has accumulated more than $103 billion in active and contracted total contract value by the end of August, with around 461,000 GPUs active or contracted. Major customers include Microsoft and Anthropic. Nscale recently secured about $3.1 billion in convertible financing, including $1 billion from Nvidia, making Nvidia both supplier and financier.
CoreWeave reported Q2 revenue of $2.58 billion, up 112% year over year, and approximately $104 billion of revenue backlog. However, it also recorded $640 million of net interest expense and a $626 million net loss. CoreWeave added more than $25 billion of additional customer commitments early in Q3.
Nebius closed about $5.75 billion of convertible senior notes in August, with $3.45 billion due in 2030 and $2.3 billion due in 2034. It also raised about $775 million through secured debt backed by GPU infrastructure and contracted cash flows, priced at SOFR plus 2.5%.
IREN's $9.7 billion Microsoft agreement covers a five-year deployment of Nvidia GB300 infrastructure and is expected to generate around $1.94 billion in annualized run-rate revenue once fully commissioned, with Microsoft agreeing to a 20% prepayment. IREN's AI Cloud revenue has already overtaken its legacy Bitcoin-mining business, underscoring the capital-intensive transition reshaping AI infrastructure names.
