Nvidia-Backed AI Cloud Provider Nscale Files for NYSE IPO at a Reported $30B Valuation

SentiSense · Published Sep 18, 2026, 4:52 PM ET · Updated Sep 28, 2026, 2:45 AM ET

Nscale, the Nvidia-backed AI cloud operator, has filed publicly for a New York Stock Exchange listing under the ticker NSCL. The filing shows first-half 2026 revenue of $140.6 million, up from $10.4 million a year earlier, against a net loss that widened to $1.02 billion from $368.9 million. Reuters and other outlets covering the filing put the targeted valuation at roughly $30 billion; some earlier aggregator coverage cited $35 billion, a figure the primary reporting does not support.

Nscale, the AI cloud provider counting NVDA among its backers, has filed publicly for a New York Stock Exchange listing under the ticker NSCL. Reporting on the filing puts the targeted valuation at roughly $30 billion, and readers should treat the higher $35 billion figure that circulated in early aggregator coverage as unconfirmed: the primary reporting we could verify does not carry it.

The filing itself is the substance. Nscale reported revenue of $140.6 million for the six months ended June 30, 2026, up 1,252% from $10.4 million in the year-ago period, while the net loss widened to $1.02 billion from $368.9 million. That shape is characteristic of the AI compute buildout: revenue scaling from a tiny base while capital expenditure on GPUs and data-center capacity runs far ahead of it. Nvidia's position is disclosed as roughly $1 billion in convertible notes inside a larger $3.1 billion financing package, and the company has a reported $45 billion take-or-pay arrangement with Anthropic.

For public-market investors the read-through runs in two directions. A successful listing would give the market a second pure-play comparable for AI cloud capacity alongside CoreWeave, and a visible price for contracted GPU revenue. It also concentrates attention on customer concentration risk: a take-or-pay contract of that size is both the revenue base and the single largest thing that could go wrong. Nvidia's own disclosure of an equity-and-debt stake in a customer is the kind of circular-financing arrangement that has drawn increasing scrutiny across the AI supply chain, and it is worth watching how the prospectus frames it.

What to watch: the final valuation range and share count when Nscale sets terms, whether the Anthropic contract's revenue recognition schedule is disclosed in detail, and how the widening loss is financed between now and pricing. Bloomberg's and Dealroom's versions of this story could not be read directly for this piece, so figures here rest on Reuters' filing coverage and its syndication.