Filing · Registration Statement · Filed
Nscale files for a US initial public offering
Nscale filed a registration statement for an initial public offering and plans to list its ordinary shares on the New York Stock Exchange. The filing does not yet give the offering size or the price range.
Participants
Amounts per investor are shown only when a source states them
| Organization | Role | Type | Note |
|---|---|---|---|
| Nscale | Issuer, Filer | Neocloud | Nscale Limited |
Key terms
- Listing plan
- Nscale plans to apply to list its ordinary shares on the NYSE under the symbol NSCL. S-1 ↗
“We intend to apply to list our ordinary shares on the New York Stock Exchange ("NYSE") under the symbol "NSCL".”
- Name change
- Before the offering, Nscale Limited will re-register as a public limited company named Nscale plc. S-1 ↗
“Prior to the consummation of this offering, Nscale Limited will re-register as a public limited company and change its legal name to Nscale plc.”
- Lead bookrunners
- Goldman Sachs, J.P. Morgan and Morgan Stanley. S-1 ↗
“Lead Bookrunners Goldman Sachs & Co. LLC* J.P. Morgan* Morgan Stanley”
- Contracted value
- About $2.6 billion of active and $103.4 billion of active and contracted total contract value as of August 31, 2026. S-1 ↗
“As of August 31, 2026, we had approximately $2.6 billion of active and $103.4 billion of active and contracted TCV under long-term take-or-pay contracts with customers, compared to $0.5 billion of active and $38.0 billion of active and contracted TCV as of December 31, 2025.”
- GPUs
- About 25,000 active GPUs and 461,000 active and contracted GPUs as of August 31, 2026. S-1 ↗
“As of August 31, 2026, our infrastructure portfolio included approximately 25,000 active GPUs and 461,000 active and contracted GPUs”
- Capacity
- About 1.37 GW of active and contracted capacity as of August 31, 2026. S-1 ↗
“approximately 1.37 GW of active and contracted capacity”
- Earlier funding
- Nscale says it raised over $3.3 billion through its series financing. S-1 ↗
“raised over $3.3 billion through our series financing”
- Origin
- Nscale was spun out from Arkon Energy in May 2024. S-1 ↗
“In May 2024, Nscale was spun out from Arkon Energy.”
Context
Anthropic and Nscale GPU services agreements
Aug 25, 2026 · Described in the same registration statement.
Microsoft and Nscale GPU statements of work
Sep 18, 2026 · Described in the same registration statement.
Company metric in the same source: Revenue, six months ended June 30, 2026 $140.6M
Filed, as of Jun 30, 2026 · “For the six months ended June 30, 2026 and 2025, we generated revenues of $140.6 million and $10.4 million, respectively, representing an increase of 1,252%.”
Company metric in the same source: Revenue, year ended December 31, 2025 $33M
Filed, as of Dec 31, 2025 · “Revenue for the year ended December 31, 2025 increased 73%, from $19.1 million in 2024 to $33.0 million in 2025.”
Company metric in the same source: Revenue, year ended December 31, 2024 $19.1M
Filed, as of Dec 31, 2024 · “Revenue for the year ended December 31, 2025 increased 73%, from $19.1 million in 2024 to $33.0 million in 2025.”
Sources
- SEC EDGAR (Nscale Limited), “Nscale Limited registration statement on Form S-1, September 18, 2026”, Sep 18, 2026 · Form S-1, accession 0001193125-26-395475 · retrieved Oct 21, 2026
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