Britain's Nscale, which rents out GPUs for OpenAI and Anthropic, files for a New York IPO at a valuation of up to $35 billion
Prepared by Sintelligent with the help of SI. Publication time restored from the build log. . Updated: .
The stock market will for the first time test what a company that lives only on renting out capacity for SI is worth, even with a billion-dollar loss: demand for compute outweighs it.
Nscale has filed an S-1 with the SEC and plans to trade on the NYSE under the ticker NSCL; the lead underwriters are Goldman Sachs, J.P. Morgan and Morgan Stanley. According to the prospectus, revenue for the first half of 2026 was $140.6 million (13 times more than a year earlier), and net loss was $1.02 billion; cost of revenue ($189.6 million) exceeded revenue. Management admits it had "substantial doubt" about the company's ability to continue as a going concern, but believes that deferring capital expenditure removes the risk. Unfilled contracts are valued at $56.4 billion over seven years; on September 15, Nvidia invested $3.1 billion through convertible loans. The valuation of up to $35 billion is more than double that after the Series C at the start of the year ($14.6 billion).
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