Nscale Limited has publicly filed for a proposed initial public offering on the New York Stock Exchange under the ticker NSCL, as the London-based AI infrastructure provider seeks to capitalize on demand for computing capacity. The company has previously been reported to be seeking as much as $3 billion, though its filing did not disclose the share count, pricing range or final valuation. Revenue rose 1,252% to $140.6 million in the first half of 2026, while net losses widened to approximately $1.02 billion. About $457 million of the loss came from fair-value adjustments, and Nscale reported an operating loss of about $492 million. More than half of first-half revenue came from one unnamed customer. As of Aug. 31, Nscale reported approximately $103.4 billion in active and contracted total contract value, involving around 461,000 active or contracted GPUs. The company also had 25,000 active GPUs across five operating data centers and 12 contracted facilities. Nscale rents Nvidia GPUs to customers including OpenAI and Anthropic, has a partnership with Microsoft, and has secured a $3.5 billion compute commitment from Figure AI. Its expansion highlights the scale of contracted AI-computing demand and the capital intensity of building infrastructure to serve it.