Nscale files for IPO targeting $30 billion valuation

Nscale announced that it filed a Form S-1 registration statement on September 18, 2026, and applied to list its ordinary shares on the New York Stock Exchange under the ticker NSCL.[1] The company said the number of shares to be offered and the IPO price range had not been determined.[1] Its registration statement described an expected price between two amounts, but the amounts were unspecified in the evidence available here.[2] Goldman Sachs, J.P. Morgan and Morgan Stanley are named as lead bookrunners for the proposed offering.[1] Bloomberg reported that Nscale was proceeding with IPO plans after filing paperwork in mid-September.[3]

Bloomberg reported that Nscale was seeking a $30 billion valuation despite investor pushback.[3] Separately, Nscale announced a $3.36 billion raise through convertible loan notes led by Third Point.[4] The company said the financing included an initial $2.36 billion tranche at closing and a further $1 billion commitment from NVIDIA expected to be funded in mid-November 2026.[4] Nscale said the notes would automatically convert into ordinary shares—or non-voting shares for NVIDIA—when its IPO was completed.[4] Bloomberg reported that Nscale had attracted nearly $10 billion in equity funding and debt.[3]

Nscale told prospective investors it had $103 billion in contracts, Bloomberg reported.[3] An August figure from Nscale’s IPO filing, cited by Bloomberg, showed 55 megawatts of capacity delivered out of a potential 10 gigawatts; Bloomberg characterized the delivered share as less than 1% of the target capacity booked.[3] Bloomberg also reported serious delays, safety violations and operational challenges at Nscale sites.[3] The company describes its offering as bringing together software, computing and power for AI training and inference.[1] For investors and customers, the disclosed delivery figures make execution a central question alongside the size of the contract pipeline.

Bloomberg reported that most of Nscale’s contracts depended on two customers.[3] It also reported that the company sought to sign Anthropic and Microsoft as anchor customers and was in active talks with existing customer Anthropic on another deal worth as much as $45 billion.[3] Bloomberg reported that Microsoft had withdrawn from a UK project after OpenAI had done something similar months earlier.[3] The same reporting cited investor worries that the technology might not deliver on grand revenue promises.[3] Together, these reports make customer commitments, delivery progress and the terms of any new contracts important points for readers assessing the proposed IPO.