AI cloud firm Nscale reveals revenue surge in US IPO filing

Nscale, a cloud provider backed by Nvidia, announced a staggering 1,252% revenue increase in the first half of 2026 in its IPO filing. The British company, headquartered in London, reported a net loss of $1.02 billion on revenue of $140.6 million compared to a $368.9 million loss and $10.4 million revenue in the same period last year.

The company's IPO is expected to yield a valuation of approximately $30 billion, with plans to sell new shares. Nscale aims to capitalize on the growing demand for AI infrastructure, despite recent slowdown calls from AI lab CEOs that rattled markets. The firm's infrastructure, including compute, power, and data centers, as well as software for AI model training and running, operates in 14 regions with a power pipeline exceeding 10 gigawatts.

Notable customers include Microsoft and Anthropic, accounting for 52% of Nscale's revenue in the first half of 2026.