The London-based provider of GPU infrastructure submitted an application for a New York Stock Exchange listing under the ticker 'NSCL' after securing a $1 billion investment from Nvidia on Sept. 15. Total contract value grew to $103.4 billion as of Aug. 31 from $38 billion at the end of 2025, with 85% of those commitments tied to Microsoft and Anthropic. Agreements signed Aug. 25 cover Nvidia Vera Rubin systems in West Virginia for Anthropic, worth up to $44.6 billion, while Microsoft's program includes 200,000 Nvidia GB300 GPUs with payments up to $43.8 billion through 2033.

Nscale is targeting a $30 billion valuation for the offering led by Goldman Sachs, J.P. Morgan, and Morgan Stanley. First-half 2026 revenue rose to $140.6 million from $10.4 million a year earlier, though the company posted a net loss of $1.02 billion. Of the 461,000 GPUs active or contracted by late August, only 25,000 were operating, and Nscale lacks binding financing commitments to deliver the Anthropic buildout.