Nscale, the AI cloud infrastructure provider that spun out of cryptocurrency mining firm Arkon Energy in 2024, has filed to go public on the New York Stock Exchange under the ticker NSCL1.
The company reported $140.6 million in revenue for the six months ended June 30, 2026, up 1,252% from $10.4 million in the year-earlier period. Its net loss over the same span widened to $1.02 billion, from $368.9 million a year earlier. Nscale pointed to $56.4 billion in remaining performance obligations.
Nscale is sitting on more than $8 billion in debt, excluding a financing arrangement with Dell. Investors include Blue Owl, Dell, Nvidia Corp., Fidelity, and Point72. In March, a funding round valued the company at $14.6 billion. Nvidia Corp. agreed to guarantee up to $860 million on Nscale's obligations for a data center lease agreement in Texas.
As of August 31, Nscale held 25,000 active GPUs and 461,000 GPUs that were either active or contracted, spread across five active and 12 contracted data center sites. The company has line of sight to 10 gigawatts' worth of computing power. It had over 1,000 full-time employees as of August 31.
OpenAI, Anthropic, and Microsoft have signed deals with Nscale. The company competes with market-leading cloud providers such as Amazon, as well as younger AI-centric suppliers like CoreWeave and Nebius Group NV.
In July, Nscale announced plans to acquire Anyscale. Fidji Simo, who leads Instacart, was named to Nscale's board last week. Josh Payne, the company's 32-year-old founder, serves as chair and CEO.
ANALYSIS The filing places Nscale alongside CoreWeave as a neocloud testing public-market appetite for GPU-heavy, capital-intensive AI infrastructure businesses. Its 1,252% revenue growth and $56.4 billion backlog present a scale trajectory, but the $1.02 billion half-year loss and $8 billion-plus debt load put the company's path to profitability squarely in front of prospective shareholders.