Nscale filed for a New York Stock Exchange listing under the ticker NSCL, without saying how much it wants to raise, though Bloomberg reported last month that the AI data center builder was after as much as $3B. It lost $1.02B in the first half of the year, close to triple what it lost a year earlier, on revenue of $140.6M that grew more than 1,250%. Driving that growth is a $44.6B contract signed last month with Anthropic for roughly 460 megawatts at Nscale’s West Virginia campus, alongside a Figure AI commitment to rent up to 100,000 GPUs and an earlier hosting deal with Microsoft. The IPO won’t fund the buildout on its own, since Nscale recently issued $3.1B in convertible notes, at least $1B of them going to Nvidia, on top of more than $4.6B in debt raised since January.
