Nscale IPO Filing Shows $1.69B Nine-Month Loss, Anthropic Funding Open

The nine-month figures are preliminary and unaudited, and the filing says they may change. The loss compares with $433.3 million on $21.3 million of revenue a year earlier. Adjusted EBITDA, a non-GAAP measure, was an estimated loss of $289.5 million. For the six months to June 30 the unaudited loss was $1,020.1 million on $140.6 million of revenue. The Nov. 12 amendment, Amendment No. 1 to the Form S-1, still leaves the price range and share count blank, and the company has applied to list on the New York Stock Exchange under the symbol NSCL. CNBC, which reported the update on Nov. 12, described the nine-month figures as a third-quarter loss.

Capacity Is Contracted, the Money Is Not

The London-based neocloud, a company that rents out GPU capacity, says its portfolio holds about 50,000 active GPUs and 461,000 active and contracted GPUs. It lists seven active and ten contracted data center sites with about 1.37 GW of active and contracted capacity: 1 GW at owned sites, 200 MW at leased sites and 165 MW at colocation sites. Contracted value under take-or-pay deals is $105.8 billion, of which $6.4 billion is active.

The gap between those numbers is the financing story. At June 30, Nscale had $1.5 billion of cash and $137.4 million of total debt at carrying value, against $24.0 billion of purchase commitments for technology equipment not yet delivered and $3.5 billion of data center construction commitments, both payable mainly in 2026 and 2027.

Anthropic Build and NVIDIA Financing

The Anthropic Services Agreements, signed on Aug. 25, provide for payments of up to about $44.6 billion for GPU services at the Monarch Compute Campus in Mason County, West Virginia. Nscale expects data center and power capital spending of about $10 billion to $10.5 billion for Building 1 and $21 billion to $22 billion for GPUs and compute equipment there. It says it has no binding commitments for any of that financing, that all of it remains in process, and that there is no assurance it will get it on acceptable terms or at all. Anthropic exercised its option on Building 2 on Sept. 29, and the parties have 60 days to negotiate that agreement.

In September Nscale agreed to $3.36 billion of subscriptions: $2.36 billion of unsecured convertible loan notes issued to several investors including NVIDIA, plus a further $1.0 billion of notes or non-voting shares to NVIDIA. That $1.0 billion is due to close on or around Nov. 16 and converts automatically on completion of the offering. Voltgrid reported on Oct. 30 that NVIDIA was reportedly in talks to guarantee credit for the West Virginia site. The filing does not mention such a guarantee; it does disclose a different one, under which NVIDIA guaranteed Nscale's payment obligations on a net lease for a Ward County, Texas facility, signed on Oct. 14, 2025.

Nscale's largest customer accounted for 52% of revenue in the first half of 2026 and 73% in 2025. CNBC reported that the filing expects Microsoft to be a significant customer in future periods, weeks after Microsoft was reported to be trimming its neocloud roster.

What Is Not Confirmed Yet

The IPO price range, size and date are not public. The nine-month results are estimates until the company closes its quarter. Whether the Anthropic financings arrive, and from which lenders, is unknown, and no lender has committed.