Nscale Posts $1.69B Q3 Loss as Revenue Jumps 1,344% in IPO Update

London-based Nscale on Thursday filed an updated prospectus for its planned New York listing showing a third-quarter net loss of $1.69 billion on $307.5 million in revenue, with the top line up 1,344% year over year, CNBC reported. "The net loss widened from $1.02 billion in the second quarter," the story adds, when the Nvidia-backed neocloud generated $140.6 million in revenue, up 1,252%.

The growth is anchored to a single customer. "In late September Anthropic exercised its right to contract for additional computing power at an Nscale site in West Virginia," CNBC writes, extending the roughly $45 billion compute deal the two signed in August for 460 megawatts at Nscale's Monarch campus. That capacity is set to come online in late 2027 on Nvidia's upcoming Vera Rubin chips.

The scale of what Nscale has promised is now larger than the money it has. In a Financial Times report picked up by Techmeme, the filing discloses Nscale "needs more funding for its 2027 commitments after ordering Nvidia chips for a $45B Anthropic deal, casting doubt on its planned $35B IPO." Nvidia committed $1 billion of convertible financing to Nscale in September and is in talks to guarantee billions more in debt tied to a second 460 megawatt phase.

CNBC notes that "The company did not specify how much it intends to raise in the public offering on the New York Stock Exchange." Nscale had not updated its prospectus since its original September filing. The company is one of 483 AI infrastructure stories we have tracked in the last 90 days, and sits inside the same Nvidia-adjacent financing stack that wobbled this week across six Wall Street firms.