Nscale is taking its AI cloud bet to Wall Street. The company filed for an IPO on September 18, 2026, and plans to list on the NYSE at an expected valuation of $35 billion. It is seeking to raise $3 billion, giving investors a direct test of their appetite for AI infrastructure built around a small number of giant customers.
Nscale has amassed more than $103 billion worth of contracts since Arkon Energy spun it out two years ago. That figure sounds enormous until the customer mix enters the room: about 85% of those contracts come from a deal to supply Microsoft with $43.8 billion worth of compute through 2033.
The company also has a $44.6 billion supply agreement with Anthropic. That agreement comes with conditions—Nscale must obtain financing and hit milestones, and Anthropic can walk away if it fails to do so.
This is the central issue in Nscale’s offering. Its contract total is huge, but much of that total rests on Microsoft and Anthropic, with the Anthropic agreement carrying explicit financing and performance conditions. Wall Street now has to decide how much value those commitments deserve before they become revenue.
Revenue Is Surging, Losses Are Surging Too
Nscale reported revenue of $140.6 million for the six months ended June 30, 2026. That represents 1,252% growth from the $10.4 million recorded during the first six months of 2025.
The loss column tells a less celebratory story. Nscale reported a net loss of $1.02 billion for the six months ended June 30, 2026, compared with a $369 million net loss during the same period a year earlier.
The company has expanded its physical footprint alongside its contracts, operating data centers in Norway, Portugal, Texas, and West Virginia. It had over 1,000 full-time employees as of August 31, 2026, a sizeable workforce for a company spun out of a cryptocurrency mining firm.
Nscale was valued at $14.6 billion when it raised a $2 billion Series C led by Aker ASA and 8090 Industries. Its major investors also include Nvidia, Blue Owl, Dell, Fidelity, and Point72, while Nvidia remains both an investor and partner.
A Crowded Market With Expensive Neighbors
Nscale enters the public market alongside competitors CoreWeave, Nebius, and Crusoe. Crusoe raised $3.9 billion at a $30.9 billion valuation last week, setting a fresh comparison point for companies selling the infrastructure behind AI workloads.
The company has also assembled a board designed for the current AI establishment. Former Meta executives Sheryl Sandberg and Nick Clegg serve as directors, alongside Fidji Simo, a former OpenAI executive.
That network does not change the underlying arithmetic. Nscale is presenting explosive revenue growth, contracts worth more than $103 billion, and a business tied to major AI companies, but it is also reporting a billion-dollar six-month loss and heavy customer concentration.
The IPO will place those facts in the same prospectus, where growth percentages and contractual fine print tend to compete for attention. Nscale wants a $35 billion valuation; investors will decide whether its Microsoft and Anthropic commitments support that number—or expose the risk behind it.
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