Nscale, a London-based AI infrastructure firm, has reported a 1,344% year-over-year revenue increase, reaching $307.5 million in revenue for the first nine months. Despite this growth, the company posted a net loss of $1.69 billion during the same period.
The company is preparing for an IPO on the NYSE under the ticker NSCL, targeting a market valuation between $30 billion and $35 billion. Its total contracted value backlog is approximately $105.8 billion, largely driven by a deal with Anthropic valued at $44.6 billion to $45 billion.
The core of Nscale's expansion is the Monarch Compute Campus in West Virginia, designed for 460 megawatts of capacity. The project requires an estimated $31 billion to $32.5 billion for infrastructure and GPU equipment, yet the company lacks binding financing commitments for these costs.
Currently, Nscale operates approximately 50,000 GPUs, aiming for a total of 461,000 units. The company has recently brought two additional data centers online, but the majority of its planned infrastructure remains to be built and funded.
