Nscale Global Holdings has filed to go public on the New York Stock Exchange, betting that a record pipeline of AI compute contracts will outweigh a widening loss.
The British data center builder filed without disclosing a target raise; Bloomberg has reported it is hunting up to $3B. Nscale was valued at $14.6B in March and plans to list under the ticker NSCL.
Its pitch rests on scale. In August Nscale signed a $44.6B infrastructure deal with Anthropic covering roughly 460 megawatts at Monarch, its West Virginia campus, which runs on an on-site microgrid. The company says it has a path to more than 8GW of capacity and is working on 11 further projects beyond five live sites in Ireland, Norway and Portugal.
The numbers also show strain. Revenue climbed more than 1,250% year on year to $140.6M in the first half, while the net loss hit $1.02B, nearly three times the prior year. Nscale has deployed 25,000 GPUs, with 461,000 more active or contracted.
To keep building it has issued $3.1B in convertible notes, at least $1B of them to Nvidia, on top of $4.6B in debt raised this year. Proceeds go toward a 200MW Ward County, Texas campus costing $1.85B and a $1.2B upgrade in Madison, North Carolina.
