Nscale files for an IPO after a $1.02 billion half-year loss
Nscale announced its US IPO filing on September 18 and applied to list on the New York Stock Exchange under NSCL. The company has not decided how many shares to offer or what price to seek.
Verified 12:27 AM PDT · 2 original sources
Reuters reports that the filing shows $140.6 million in revenue and a $1.02 billion net loss for the first half of 2026. A year earlier, Nscale reported $10.4 million in revenue and a $368.9 million net loss.
Reuters reports that one customer supplied 52% of Nscale's first-half revenue. Revenue is growing fast, but Nscale still has a substantial loss and depends heavily on one customer. Contracted future revenue is not cash the company has already earned.
The final offering terms and later filings should show how Nscale plans to pay for construction. They should also show whether its contracts produce revenue. Dependence on a few customers matters as much as growth.
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