Nscale, the British AI cloud infrastructure provider backed by Nvidia, has reported a sharp increase in preliminary revenue in an amended initial public offering filing, projecting growth of 1,344% for the first nine months of 2026. The company generated $307.5 million in revenue for the period ended September 30, compared with $21.3 million in the same period a year earlier. However, its rapid expansion has also been accompanied by significantly higher losses, with Nscale expecting a net loss of $1.7 billion.

Revenue Growth and Financial Performance

The preliminary figures represent approximately a 14-fold increase in revenue year over year, reflecting the rapid expansion of Nscale’s AI infrastructure business. The updated filing incorporates results from the July–September quarter, providing investors with a broader view of the company’s financial performance than the initial September submission, which included financial information for only the first six months of the year.

Despite the substantial revenue growth, Nscale expects its net loss to widen considerably. The projected $1.7 billion loss for the first nine months compares with a net loss of $433.3 million in the corresponding period of the previous year.

The figures highlight the significant financial demands associated with expanding AI infrastructure operations. While revenue growth demonstrates increasing business activity, the widening loss underscores the costs accompanying the company’s expansion.

Business Model and AI Infrastructure

Based in London, Nscale provides infrastructure and software designed to support the development and operation of artificial intelligence models. Its services include computing capacity, power infrastructure, data centers, and software for training and running AI systems.

The company operates in a segment of the AI market that requires substantial investment in physical infrastructure and computing resources. Demand for these capabilities has increased alongside the broader adoption of AI, placing infrastructure providers in an important position within the technology supply chain.

Nvidia’s backing also connects Nscale to one of the industry’s leading semiconductor companies, although the supplied filing details do not specify the financial terms or extent of that relationship.

IPO Timeline and Listing Details

Nscale initially filed for a US IPO in September 2026, but the company did not disclose offering terms in Thursday’s amendment. The updated filing provides additional preliminary financial information without confirming the size, pricing, or timing of the proposed transaction.

The company was reportedly considering delaying its listing until 2027, according to a Telegraph report cited by Reuters on November 10. No final decision on the timing was disclosed in the amended filing.

Nscale plans to list on the New York Stock Exchange under the ticker symbol NSCL. Goldman Sachs, J.P. Morgan, and Morgan Stanley are serving as lead underwriters.

Closing Insights

Nscale’s amended IPO filing presents a business experiencing extraordinary revenue growth alongside substantial and widening losses. The 1,344% increase in preliminary revenue illustrates the scale of its expansion, while the projected $1.7 billion net loss highlights the capital-intensive nature of building and operating AI infrastructure.