Nscale’s NYSE filing: $307.5M revenue, a $1.7B loss and $105.8B of contracts

Nscale plc, the London-based company that calls itself a “full-stack AI hyperscaler”, has filed Amendment No. 1 to its Form S-1 on Nov. 12, applying to list on the NYSE as NSCL. The filing reports $105.8 billion of contracted value, and a nine-month loss of $1.69 billion.

What the filing says about size and pricing

The offering covers ordinary shares with a $0.01 par value. The number of shares, the expected price range and the size of the underwriters’ 30-day option to buy extra shares are all blank in this version, so no valuation can be derived from it. Goldman Sachs, J.P. Morgan and Morgan Stanley are the lead bookrunners. Eleven other banks are named as bookrunners, including RBC, BofA Securities, Deutsche Bank and Mizuho, and 13 more firms are co-managers.

Nscale describes two lines of business. Nscale Infrastructure covers powered land, data centers and GPU clusters sold under long-term take-or-pay contracts. Nscale Cloud covers AI and platform services. The company states that its active and contracted total contract value is $105.8 billion, with a weighted average contract life of about 5.7 years. It also says it has agreed to buy Anyscale, the company behind the open-source Ray framework, with closing expected around the offering. The excerpt of the filing we read gives no price for that deal.

Recent developments listed in the amendment include a Figure services agreement worth about $3.5 billion (Aug. 24, 2026) and Anthropic services agreements worth up to about $44.6 billion (Aug. 25, 2026). The filing also mentions a $3.36 billion convertible loan notes subscription, and says Anthropic exercised on Sept. 29 its right to contract for more compute at Building 2 of the Monarch campus. Nscale was renamed from Nscale Limited to Nscale plc in October, after a corporate reorganization completed in May.

Revenue up more than twelvefold, losses growing faster

Revenue for the six months to June 30, 2026 was $140.6 million, against $10.4 million a year earlier, an increase the filing puts at 1,252%. Estimated revenue for the nine months to Sept. 30 is $307.5 million. Full-year 2025 revenue was $33.0 million, up 73% from $19.1 million in 2024.

Losses are much larger. Net loss was $1,691.9 million for the nine months to Sept. 30, 2026 (preliminary), compared with $433.3 million a year before, and $761.8 million for 2025 after $78.2 million in 2024. Adjusted EBITDA for the nine months is an estimated loss of $289.5 million, a margin of minus 94%. Net cash used in investing activities reached $3,285.8 million in the first half of 2026. The company says the September figures are unaudited, were not reviewed by its auditor KPMG, and may change materially.

A bet that long contracts outrun the cash burn

The strategy in the filing is straightforward: sign multi-year take-or-pay deals first, then build the capacity to serve them. Nscale says those contracts give strong visibility into long-term revenue. The gap between $105.8 billion of contracted value and $307.5 million of nine-month revenue shows how much of the story still sits in the future, and how much construction must be funded before it is recognized.

Customer concentration is the obvious dependency. The filing’s risk summary says a substantial portion of revenue comes from a limited number of customers, and the Anthropic agreements are by far the largest figure it lists. That ties Nscale to a company whose own listing plans we covered: Anthropic’s IPO range tops out at a $1.4tn valuation. The capital need is also visible elsewhere in the market, as when Oracle put $20 billion of stock and bonds on the market to fund AI expansion. Nscale’s stated uses for proceeds are general corporate purposes, including data center projects, technology, working capital and possible acquisitions.

Risks the company flags, and gaps that remain

Among the risk factors, Nscale lists its history of net losses and no assurance of profitability, a highly capital-intensive model that will need more funding, dependence on finding sites and reliable power, and limited suppliers with NVIDIA as the primary GPU maker. It also discloses material weaknesses in internal control over financial reporting and difficulty integrating acquisitions.

Several points are not established by the part of the filing we could read: customer names beyond the agreements above, data center capacity in megawatts and locations, the terms of the Anyscale deal, and, above all, the price and share count. Individual investors cannot buy until the registration is effective and a range is set. Everything above is the company’s own statement in a regulatory filing and has not been independently verified.