Nscale, an AI hyperscale infrastructure company, has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO) of its ordinary shares. Nscale had applied to list its shares on the New York Stock Exchange under the ticker symbol “NSCL.”
According to a press release, the number of shares to be offered and the expected price range have not yet been disclosed. The offering will be made through a prospectus once the relevant documents are available and the filing does not constitute an offer to sell or a solicitation of an offer to buy the securities.
The company reported a US$ 1.02 billion net loss on US$ 140.6 million in revenue in the six months ended June 30, 2026, according to its prospectus for an initial public offering. This is significant given how its net loss over the same time period last year was US$ 368.9 million, while revenue was up 1,252 percent from US$ 10.4 million.
Goldman Sachs, J.P. Morgan and Morgan Stanley will serve as lead bookrunners for the offering. RBC WSQSMarkets, BofA Securities, Deutsche Bank Securities, Credit Agricole CIB, TD Securities, Mizuho, KeyBanc Capital Markets, Cantor, SMBC Nikko and Wolfe | Nomura Alliance will act as bookrunners.
Citizens Capital Markets, Loop Capital Markets, Roth Capital Partners, ABN AMRO, Compass Point, DNB Carnegie, Rosenblatt, SEB and Tigress Financial Partners will serve as co-managers.
The registration statement has been filed with the SEC but has not yet become effective. The shares cannot be sold, and offers to buy them cannot be accepted, until the registration statement becomes effective and applicable securities-law requirements are met.