ILLUSTRATIVE FILE PHOTO: Server racks photographed November 4, 2015; not an Nscale facility. Photo: Carl Lender / Wikimedia Commons / CC BY 2.0. Cropped and resized.
Nscale, the Nvidia-backed provider of artificial-intelligence computing infrastructure, disclosed an estimated $1.69 billion net loss for the first nine months of 2026 as it updated the paperwork for its planned U.S. initial public offering.
The London-based company estimated revenue of $307.5 million for the nine months ended September 30, up from $21.3 million in the same period of 2025, according to its November 12 amended registration statement filed with the Securities and Exchange Commission. Its estimated net loss widened from $433.3 million a year earlier.
The figures cover nine months, not the third quarter alone. Nscale said its closing procedures were incomplete and the estimates could change materially. Its independent accounting firm had not audited or reviewed the preliminary information.
Revenue growth comes with larger operating losses
Nscale estimated an operating loss of $837.5 million for the nine-month period, compared with $67.6 million a year earlier. The numbers show that its rapid increase in sales has not yet brought the company close to an operating profit.
The company develops data centers, power infrastructure and computing services used to train and run AI models. It said Nvidia is the primary manufacturer of the graphics processors deployed across its infrastructure. Nscale also disclosed a direct equity-investment relationship with Nvidia, while warning that the partnership does not eliminate supply-chain risk.
Offering terms remain open
Nscale said it had applied to list its ordinary shares on the New York Stock Exchange under the symbol “NSCL.” The amended prospectus left the proposed price range, number of shares and total offering proceeds blank.
Goldman Sachs, J.P. Morgan and Morgan Stanley are the lead bookrunners. The filing does not set a final sale date; it says the proposed offering would begin as soon as practicable after the registration statement becomes effective.
The update gives prospective investors a fuller picture of the losses accompanying Nscale’s expansion, while leaving the size and price of the planned offering unresolved.
JBizNews Desk | London
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