Nscale files for a US IPO reliant on Microsoft and Anthropic

British cloud provider Nscale filed a registration statement with the US Securities and Exchange Commission for an initial public offering on the New York Stock Exchange under the ticker “NSCL”. Press reporting following the filing put the target raise at around $3 billion and the resulting valuation at up to roughly $35 billion — more than double the $14.6 billion valuation Nscale carried after a Series C round earlier in 2026 — though those figures were not stated in the filing itself, which left the share count and price range blank.

The filing disclosed a concentrated customer base: of roughly $103 billion in contracted backlog, about 85% came from just two customers, Microsoft (around $43.8 billion, running through 2033) and Anthropic (around $44.6 billion, contingent on financing and cancellable if Nscale misses delivery milestones the filing called “stringent”). Reported first-half 2026 revenue was $140.6 million against a net loss of $1.02 billion, up from $10.4 million in revenue and a $369 million loss a year earlier. The company’s board includes former Meta executives Sheryl Sandberg and Nick Clegg and former OpenAI chief operating officer Fidji Simo.

Days after the filing, Nscale disclosed $3.36 billion in convertible financing led by Third Point, with Nvidia contributing a $1 billion tranche, to fund data-centre construction in Norway and West Virginia; the notes convert to equity once the IPO completes. Nscale had separately agreed in September to supply up to 100,000 Nvidia GPUs to humanoid-robotics company Figure as part of the same compute build-out. The IPO placed a two-customer-dependent neocloud in front of public investors at a moment when several compute suppliers were raising large sums against contracts from a small number of frontier labs, testing how the market would price that concentration risk.