Analysis
As of November 13, 2026, Nscale, the London-based AI cloud provider, expects preliminary revenue of $307.5 million for the nine months ended September 30, 2026, up from $21.3 million a year earlier, according to the amended IPO registration it filed with the SEC on November 12.
Reuters reported that the jump works out to 1,344%, and that Nscale expects a net loss of $1.7 billion for the period, wider than the $433.3 million loss a year earlier.
The S-1/A puts the preliminary net loss at $1,691.9 million and the operating loss at $837.5 million.
“The filing says the company was incorporated in May 2024, and that its sites sit in low-cost power markets in Norway, Portugal, Iceland and the United States.”
Nscale still has not set terms. Its filing leaves the price range blank, it has applied to list on the New York Stock Exchange under the symbol NSCL, and Goldman Sachs, J.P. Morgan and Morgan Stanley are the lead underwriters, per Reuters. Pulse has covered the company's run-up to this filing on its Nscale hub, most recently Nvidia's possible debt guarantee for the Anthropic build.
What does Nscale do?
Nscale builds data centers and rents GPU capacity to AI companies, and it sells software for training and running models on top. The filing says the company was incorporated in May 2024, and that its sites sit in low-cost power markets in Norway, Portugal, Iceland and the United States. For the six months to June 30, 2026, 52% of revenue came from Portugal and 45% from Norway. Josh Payne is founder and CEO, per CNBC.
Two customers dominate the story. The Anthropic Services Agreements provide for aggregate payments of up to approximately $44.6 billion, and a 200 MW campus Nscale bought in Sines, Portugal, will support its Microsoft work through the deployment of more than 66,000 Nvidia Vera Rubin NVL72 GPUs starting in late 2027. On July 28, 2026, Nscale signed a definitive agreement to buy Anyscale, the company built by the creators of the open-source Ray framework; the filing says about 200 Anyscale employees will join.
Nscale revenue and losses, period by period
- Nine months to Sep 30, 2026 (preliminary) -- revenue $307.5M, net loss $1,691.9M, adjusted EBITDA of negative $289.5M
- Six months to Jun 30, 2026 -- revenue $140.6M, against $10.4M a year earlier
- Full year 2025 -- revenue $33.0M
- Full year 2024 -- revenue $19.1M, which the filing says came from data center infrastructure provided to an institutional crypto-currency miner
The preliminary figures have not been reviewed by KPMG, the filing says, and may change.
How Nscale is financing the buildout
The carrying value of Nscale's total debt was only $137.4 million on June 30, 2026, but the facilities it has signed this year are far larger. Bloomberg reported on November 13 that the filing reveals $5.5 billion of debt; Pulse could not reconcile that figure line by line to the S-1/A, which lists these facility commitments rather than drawn balances:
- GPU Financing Facility (Feb 2026) -- about $1.4B senior secured delayed-draw term loan
- Revolving Credit Facility (May 2026) -- $770.0M, with capacity to upsize to $900.0M
- Kvandal South DC Facility (Jul 2026) -- $725.0M term loan plus a $65.0M VAT facility
- Macquarie Iceland Facility (Jul 2026) -- $331.9M term loan
- Ward County GPU Facility (Aug 2026) -- $1.85B of delayed-draw commitments
- North Carolina GPU Facility (Aug 2026) -- $1.2B of delayed-draw commitments
- Convertible subscriptions (Sep 2026) -- $3.36B, of which $1.0B goes to Nvidia in a sale expected to close on or around November 16, 2026
Who invested in Nscale
Nscale raised $2 billion at a $14.6 billion valuation in March 2026 in a Series C led by Aker ASA and 8090 Industries, with Citadel, Dell, Jane Street, Lenovo, Nokia and Point72 among participants and Nvidia also in the round, CNBC reported. The filing names Aker DC Holding AS, owned through Aker ASA, as a holder, and lists Sheryl Sandberg, Fidji Simo and Frank Slootman in its directors and officers ownership table.
Value Add VC data
- Mar 2026, Series C -- $2B at $14.6B, led by Aker ASA and 8090 Industries (source)
- Sep 2026, convertible notes -- $3.36B subscription, including $1.0B from Nvidia (source)
Comparable neoclouds on Pulse:
- [CoreWeave](/pulse/coreweave-q3-earnings-3-66b-revenue-132b-backlog-2026) -- $3.66B of Q3 revenue and a $132.5B backlog
- [Nebius](/pulse/nebius-q3-980m-revenue-12b-2027-guidance-2026) -- $980.8M of Q3 revenue
Nscale's nine-month total is under a tenth of CoreWeave's single quarter.
The risks in the Nscale IPO
The bear case is concentration and leverage. Most of the contract value depends on one customer, Anthropic, and Nvidia is the primary GPU provider, a risk the filing flags directly. The Information reported on November 12 that Nscale's deals hinge on Nvidia extending its investment sprint, a question that got harder after Jensen Huang resigned as Nvidia CEO. Reuters also cited a Telegraph report from Tuesday that Nscale had considered delaying the listing until next year. A price range, the Nvidia note closing and the Anyscale deal closing are the three dated items left before NSCL can trade.