AI Cloud Firm Nscale Reports 1,344% Revenue Jump in IPO Filing as Losses Widen to $1.7 Billion

British AI cloud provider Nscale said in an amended IPO filing on Thursday, November 12, that preliminary revenue for the first nine months of 2026 jumped 1,344% to $307.5 million, up from $21.3 million a year earlier. But the Nvidia-backed company also expects a net loss of about $1.7 billion for the period, nearly four times the $433.3 million loss a year ago, as it spends heavily to build AI data centres ahead of a planned New York listing.

Nahid Joy

Nov 13, 2026 - 09:41

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A long aisle in a modern data centre, lined on both sides with tall server racks packed with cabling and equipment, stretching to a bright vanishing point at the far end.

AI Cloud Firm Nscale Reports 1,344% Revenue Jump in IPO Filing as Losses Widen to $1.7 Billion

British AI cloud provider Nscale has given investors their clearest look yet at its business — and the picture is one of extraordinary growth at an extraordinary cost. In an amended initial public offering filing on Thursday, November 12, the company said preliminary revenue for the first nine months of 2026 jumped 1,344% to $307.5 million, up from $21.3 million in the same period a year earlier. But it also expects a net loss of about $1.7 billion for the period, nearly four times the $433.3 million loss a year ago.

The filing, an amendment to the registration statement Nscale first submitted in September, adds the July-to-September quarter to the company's disclosures. It does not set a share price, an offering size, or a date for the listing, and it leaves the planned offering's value unknown.

Growth at a steep price

The headline numbers are striking. Revenue of $307.5 million for the nine months ended September 30 represents roughly a 14-fold increase on the year-ago period, driven by demand for the computing infrastructure that trains and runs AI models. But the loss grew even faster in cash terms: the estimated net loss of about $1.7 billion is more than five times the company's revenue for the same nine months. The estimated operating loss was $837.5 million, against $67.6 million a year earlier.

Put another way, Nscale is spending far more than it takes in to build its business. Its estimated net-loss margin was 550%, against 2,034% a year earlier — an improvement in percentage terms, but still a loss of more than five dollars for every dollar of revenue. The figures are preliminary estimates, not final results, and the filing labels them as such.

What Nscale does

Nscale is a London-based provider of AI infrastructure, backed by chip giant Nvidia. It supplies the computing power, data centres and software that companies use to train and run AI models — the physical backbone of the AI boom. The company describes itself as an emerging growth company, and its business is riding the same wave of demand that has made AI infrastructure one of the most closely watched corners of the market.

The listing — still no terms

When Nscale first filed for a US listing in September, it disclosed financial results for only the first six months of the year. Thursday's amendment, filed as registration number 333-299011 and accepted at 5:17 p.m. Eastern, adds a full quarter of numbers but still leaves the key questions unanswered: how many shares will be offered, at what price, and how much the company intends to raise. The cover of the filing leaves the expected price range blank.

What is settled is the venue and the banks. Nscale plans to list on the New York Stock Exchange under the ticker symbol NSCL, with Goldman Sachs, J.P. Morgan and Morgan Stanley as the lead underwriters. Whether the listing happens this year is less certain: Britain's Daily Telegraph reported on Tuesday that the company was considering delaying it until 2027.

Why it matters

Nscale's filing is a test of how much the public market will pay for AI infrastructure growth. The revenue curve is the kind investors dream about — a 14-fold jump in a year — but the losses are the kind that make them nervous, and the company is asking to be valued before it has shown it can turn that growth into profit. The amendment gives investors more to work with, but until Nscale names a price and a date, the market's verdict on the AI data centre boom's most aggressive bet will have to wait.

Note: the featured photo shows a modern data centre aisle, not an Nscale facility — no verified photo of an Nscale data centre is publicly available.