London-based artificial intelligence cloud provider Nscale has submitted filing documents to go public on the New York Stock Exchange under the ticker symbol NSCL. The company emerged from stealth mode in 2024 after spinning off from cryptocurrency mining firm Arkon Energy.
According to its IPO prospectus, Nscale recorded revenue of $140.6 million during the six months ending June 30, 2026, representing a staggering 1,252% increase from the $10.4 million reported in the same period a year prior. However, the firm also posted a net loss of $1.02 billion, a significant widening from the $368.9 million loss incurred in the previous year.
Nscale competes in a crowded cloud infrastructure market that includes giants such as Amazon, as well as specialized “neocloud” providers like CoreWeave and Nebius. The company provides Nvidia graphics processing units to major AI laboratories, having secured significant contracts with both OpenAI and Anthropic. Additionally, Microsoft has signed on as a client.
The firm is actively diversifying its operations. In July, it announced plans to acquire startup Anyscale, whose software assists in the construction of AI models. Nscale now offers services for both training and inference requests across various models.
Corporate leadership has seen recent changes, with Fidji Simo joining the board of directors last week. Simo previously held executive roles at OpenAI, Meta, and Instacart, stepping down from her OpenAI position in July following medical leave. Other notable board members include former Meta executives Nick Clegg and Sheryl Sandberg.
As of August 31, 2026, Nscale employed over 1,000 full-time staff members. The company operates 12 data center locations across the United States and Europe. Its investor roster includes Blue Owl, Dell, Nvidia, Fidelity, and Point72.
CEO Josh Payne has previously highlighted to CNBC that Europe faces a critical shortage of AI computing resources and energy capacity to meet growing demands.
I need to ask: do they actually own the Nvidia chips, or is this just a leasing model? That changes everything.
Wait, they spun off from a crypto mining firm? I wonder how much of their GPU infrastructure was repurposed from Arkon.
Fidji Simo on the board is a huge win. Her OpenAI experience could really steer Nscale’s strategic direction.
Nscale vs CoreWeave? The neocloud space just got even more crowded. Investors have their work cut out for them.
1,200% revenue growth is wild, but that $1 billion loss makes me nervous. Hope they can scale profitably soon.