Nscale, an AI infrastructure firm founded in May 2024, has filed for an IPO on the NYSE under the ticker NSCL. The company is targeting a valuation of approximately $30 billion, supported by a contract backlog that has grown from $100 million to over $103 billion in roughly two and a half years.
The growth is primarily driven by Microsoft and Anthropic. Anthropic recently secured a deal worth between $44.6 billion and $45 billion for 460 megawatts of compute power at the Monarch campus in West Virginia, expected to launch in late 2027. Microsoft holds agreements totaling approximately $43.8 billion.
For the first half of 2026, Nscale reported revenue of $140.6 million, marking a 1,252% year-over-year increase. Despite this, the company faces high customer concentration, with its largest client accounting for 52% of revenue. Additionally, Nscale noted a lack of binding financing for full operational build-out.
Nvidia is participating in a $3.1 billion convertible notes offering with a $1 billion investment. Nscale plans to deploy Nvidia chips across its facilities. The company's total power pipeline exceeds 10 gigawatts, and it announced an international expansion into Norway in April 2026.
