Nscale has filed for an initial public offering on the New York Stock Exchange, revealing $103.4 billion in active and contracted total contract value (TCV) as of August 31, 2026. The London-based artificial intelligence infrastructure company disclosed the figure in its September 18 filing with the U.S. Securities and Exchange Commission, highlighting the scale of its agreements with major technology companies and AI developers. Nscale plans to list on the NYSE under the ticker symbol NSCL.
The $103.4 billion figure represents the aggregate contracted revenue across the committed terms of Nscale’s signed customer agreements, rather than revenue already earned or the company’s valuation. It includes approximately $2.6 billion in active TCV and reflects a substantial increase from $38 billion in active and contracted TCV at the end of 2025. The contracts are generally structured as long-term, take-or-pay arrangements, with a weighted average contract life of approximately 5.7 years.
The agreements support Nscale’s strategy of developing and operating large-scale AI computing infrastructure for hyperscalers, AI laboratories, enterprises, and government-backed AI initiatives. Its services include dedicated GPU clusters, cloud computing, AI model training and inference, and the development of purpose-built data centers.
As of August 31, 2026, Nscale had approximately 25,000 active GPUs and 461,000 active and contracted GPUs. Its infrastructure portfolio included five active and 12 contracted data center sites, representing approximately 1.37 gigawatts of active and contracted power capacity. The company also identified approximately 10 gigawatts of potential development capacity across sites under its ownership or long-term control and related power agreements.
A substantial portion of Nscale’s contracted business comes from major AI infrastructure agreements. On August 25, 2026, the company entered into agreements with Anthropic to provide dedicated GPU infrastructure at its Monarch Compute Campus. The Anthropic agreements provide for aggregate payments of up to approximately $44.6 billion and involve the deployment of NVIDIA Vera Rubin NVL72 GPUs.
Nscale is also expanding its relationship with Microsoft. The company acquired a 200-megawatt site at Portugal’s SINES Data Campus in April 2026 to support the deployment of more than 66,000 NVIDIA Vera Rubin NVL72 GPUs, beginning in late 2027. The development builds on an earlier Microsoft deployment involving more than 12,600 NVIDIA Grace Blackwell Ultra GPUs at the campus.
Another significant agreement involves humanoid robotics developer Figure AI. In August 2026, Nscale announced a multiyear strategic partnership involving the potential deployment of up to 100,000 NVIDIA Vera Rubin GPUs, with initial deployments targeted for the second half of 2027. Nscale is also making a strategic investment in Figure and becoming its preferred AI infrastructure provider to support the development of its Helix models and humanoid robots.
The company’s rapid expansion is reflected in its recent financial performance. Nscale generated $140.6 million in revenue during the first six months of 2026, compared with $10.4 million during the corresponding period in 2025, representing 1,252% year-over-year growth. Full-year revenue increased from $19.1 million in 2024 to $33 million in 2025.
Despite that growth, the company continues to incur substantial losses as it develops its infrastructure. Nscale reported a $1.02 billion net loss for the first half of 2026, compared with a $368.9 million net loss during the corresponding period in 2025. Its full-year 2025 net loss was $761.8 million. The company also identified customer concentration, access to financing, and the timely deployment of contracted infrastructure as important business risks.
Nscale is pursuing additional financing to support its expansion. On September 15, 2026, it entered into a subscription agreement involving a minimum of $3.1 billion, comprising $2.1 billion in unsecured convertible loan notes and a further $1 billion in convertible notes or non-voting shares to be issued to NVIDIA, depending on the timing of the transaction.
The company is also moving beyond physical infrastructure through its planned acquisition of Anyscale, announced in July 2026. Anyscale provides an AI computing platform built around Ray, the open-source framework for distributed AI. The acquisition is expected to add approximately 200 employees and expand Nscale’s software capabilities across distributed computing, model training, and inference. The transaction remains subject to customary closing conditions.
Nscale intends to use proceeds from its IPO to support data center development, technology investments, working capital, and other corporate purposes. It may also allocate proceeds toward acquisitions or investments in complementary technologies.
Goldman Sachs, JPMorgan, and Morgan Stanley are serving as lead bookrunners for the proposed offering. The preliminary filing does not yet specify the number of shares to be offered or the expected IPO price range.
