Nscale Global Holdings Ltd has filed for an initial public offering on the New York Stock Exchange. While the company did not disclose the target amount, reports suggest it is seeking up to $3 billion. In March, the firm reached a valuation of $14.6 billion. Financial records show a net loss of $1.02 billion for the first half of the year, alongside revenue growth of over 1,250 percent to $140.6 million.
The company recently signed a $44.6 billion infrastructure agreement with Anthropic PBC, providing 460 megawatts of capacity at its Monarch campus in West Virginia. Nscale plans to expand its total capacity to over 8 gigawatts. Currently, the firm operates five data centers in Ireland, Norway, and Portugal, with 11 additional projects underway. Its network includes 25,000 deployed GPUs, with 461,000 more contracted.
To fund its infrastructure, Nscale issued $3.1 billion in convertible notes, including $1 billion allocated to Nvidia Corp. This follows $4.6 billion in debt raised earlier this year. The company plans to invest $1.85 billion in a 200-megawatt facility in Texas and $1.2 billion to upgrade a site in North Carolina. Future operations will feature Nvidia’s Rubin GPUs and Vera central processing units.
Nscale’s strategy includes a partnership with Figure AI Inc., which involves renting up to 100,000 graphics cards and taking an equity stake in the startup. The company also maintains a multibillion-dollar hosting deal with Microsoft Corp. Management expects profit margins to improve as data center utilization reaches a steady state and fixed engineering costs are distributed across larger operations.
