Nscale, a UK-based AI cloud provider, filed its S-1 registration statement on September 18, 2026, for a planned NYSE listing under the ticker NSCL. The company is targeting a valuation between $30 billion and $35 billion, which would be a 2x to 2.4x increase over its March 2026 Series C valuation of $14.6 billion.
The filing reveals that 73% of the company's $33 million revenue in 2025 came from a single unnamed customer, later identified as ByteDance. ByteDance rents access to 2,304 Nvidia B200 GPUs at Nscale's data center in Glomfjord, Norway. This arrangement, which started in May 2025, was supported by a $105 million loan from Macquarie.
Nscale reported $140.6 million in revenue for the first half of 2026, marking a 1,252% year-over-year increase. However, the company also recorded a net loss of $1.02 billion for the same period. ByteDance accounted for 52% of revenue in the first half of 2026, though Nscale expects this share to drop below 20% by the end of the year.
The company, which spun off from Arkon Energy in early 2024, has shifted from crypto mining to AI infrastructure. It has raised $3.1 billion in convertible notes, including a $1 billion investment from Nvidia. Nscale claims its total contracted value exceeds $100 billion, with new agreements involving Microsoft and Anthropic.
