Nvidia-Backed Nscale Sees Revenue Soar 1,252% in IPO Filing

Nscale, a British cloud provider backed by chip giant Nvidia, has revealed a significant revenue surge in its IPO filing. The company's revenue skyrocketed 1,252% in the first half of 2026, reaching $140.6 million compared to $10.4 million in the same period last year.

Despite the impressive growth, Nscale posted a net loss of $1.02 billion during this period, which is attributed to its investment-heavy business model. The company plans to sell new shares and is targeting a multibillion-dollar listing with a valuation of about $30 billion, according to CNBC.

Nscale provides infrastructure for AI training and running models, including compute, power, and data centers, operating in 14 regions. Its power pipeline exceeds 10 gigawatts, and it has secured major deals, such as the one with Anthropic to rent AI cloud computing power from its West Virginia data center campus.

However, a significant portion of Nscale's revenue comes from a limited number of customers, with its largest customer accounting for 52% of its revenue in the first half of 2026. Despite some negative headlines, this space is still attracting billions, and Nscale's over $100 billion in total contracted value is a main selling point.