Nscale files for a U.S. IPO after rapid growth and widening losses.

British AI cloud provider Nscale filed for a U.S. initial public offering, seeking a New York Stock Exchange listing under the ticker NSCL. Reuters reported that first-half 2026 revenue rose to $140.6 million from $10.4 million a year earlier, while the net loss widened to $1.02 billion from $368.9 million.

The company disclosed $103 billion in total contracted value and said its largest customer accounted for 52% of first-half revenue. Reuters also reported $3.1 billion of convertible bonds, including a $1 billion investment from Nvidia, highlighting the capital intensity and concentration risks behind the expansion.