AI cloud firm Nscale reveals revenue surge in US IPO filing

Nscale, a British cloud provider backed by Nvidia, reported a staggering 1,252 percent increase in revenue for the first half of 2026, according to its IPO filing. The London-based company achieved a revenue of $140.6 million, up from $10.4 million a year prior, while recording a net loss of $1.02 billion. Investor interest in AI infrastructure stocks has surged, though recent market jitters following calls for a slowdown in AI development have tempered expectations.

Nscale aims to list on the NYSE as NSCL, targeting a valuation of around $30 billion. The company has secured $3.1 billion in convertible bonds, including $1 billion from Nvidia. Operating in 14 regions and boasting a power pipeline of over 10 gigawatts, Nscale provides infrastructure, compute, power, and data center services for AI model training and execution.

The firm's rapid growth, reaching $103 billion in total contracted value from just $100 million in just 2.5 years, highlights its strong position in the AI infrastructure market. Notable contracts include a $45 billion deal with AI lab Anthropic for AI cloud computing power at its West Virginia data center. Despite the sector's challenges, Nscale's substantial contract value and key customer relationships position it as a key player in the growing AI infrastructure market.