September 22, 2026
Nscale Heads to NYSE With Two Key Clients: Microsoft and Anthropic
On September 18, Nscale filed a Form S-1 for an IPO: as of August 31, it had $2,6 billion in assets and $103,4 billion in active and contracted take-or-pay agreements. The company applied to list on the NYSE under ticker NSCL. Revenue for the first half of 2026 was $140,6 million, while net loss was $1,02 billion.
Microsoft and Anthropic account for most of Nscale's revenue. From September 2025 to April 2026, the company signed agreements with Microsoft worth up to $43,8 billion through December 2033. On August 25, Anthropic added four GPU infrastructure agreements worth up to $44,6 billion, spanning roughly six years.
Capacity is still being built. Nscale had previously promised Microsoft around 200 000 NVIDIA GB300 GPUs, including 104 000 for a Texas campus starting in the third quarter of 2026. The company is now preparing capacity for Anthropic by the end of 2027, but as of the prospectus date had not yet secured binding financing for these agreements. For practitioners, this is not a new service: two AI labs are reserving GPU capacity from one provider years in advance.
Nscale has not yet determined the number of shares or its IPO price range.
