Performance since IPO
Confirmed share price history
No published trading history yet
IPO recap
Offering not completed
Nscale filed IPO documents on Sep 18, 2026. IPO date and IPO offer price are not yet confirmed.
FiledSep 18
Pricing—
First trade—
Lockup ends—
The short version
Nscale has filed for a proposed NYSE IPO under NSCL. October appointments follow a convertible round whose total includes a future NVIDIA commitment.
Key takeaway 1
Public S-1 and proposed NYSE symbol NSCL.
Key takeaway 2
The financing includes a future $1 billion commitment.
Key takeaway 3
Contract value differs from earned revenue.
Company in detail
Nscale provides AI computing infrastructure through a platform combining software, GPUs, data centers and power. Customers use services for model training, inference and related workloads. The model ties software to the physical infrastructure required to deliver compute, creating both operating opportunities and substantial capital needs.
The company announced its public S-1 filing on 18 September 2026 and proposed an NYSE listing under NSCL. The announcement left the share count and price range undetermined. A final offering price and first trading date were not verified in the 7 October review.
Since filing, Nscale has strengthened its leadership and governance. Justin Osofsky was named chief operating officer on 2 October, followed by Amy Banse’s board appointment on 6 October. Banse also chairs the compensation committee. These are confirmed developments, while their effect on execution will take time to assess.
The September convertible financing has a different structure from an ordinary equity round. Its $3.36 billion total combines an initial $2.36 billion tranche with a $1 billion NVIDIA commitment expected in November. The notes convert upon IPO completion, linking financing with eventual ownership.
Nscale also reports more than $103 billion of total contracted value. This is not annual revenue or cash already earned. Our analysis would examine the schedule and cost of delivering those obligations, rather than treating the figure as current sales.
Project completion, financing requirements, customer concentration and conversion dilution remain central to comparing the eventual public price with operating prospects.
Operating metrics
Total contracted value
More than USD 103 billionContract value, not recognized revenue or IPO proceeds.
Sep 25, 2026Company profile
- Legal name
- Nscale Limited
- Headquarters
- London
- Founded
- —
- Founder and CEO
- Josh Payne
- CFO
- Alice Takhtajan
- COO
- Justin Osofsky
- AI infrastructure president
- Nidhi Chappell
- Platform
- Software, compute and power
- Services
- Inference, fine-tuning and managed Slurm
- Public debut
- Launched from stealth in May 2024
- Employees
- No published figure
Timeline
- Series A disclosed
USD 155m funding is announced.
- Public IPO filing
The issuer announces its S-1.
- Convertible funding
Financing includes a future NVIDIA tranche.
- Justin Osofsky appointed COO
Nscale appointed Justin Osofsky as chief operating officer, reporting to founder and CEO Josh Payne.
- Amy Banse joins board
Amy Banse joined the board and became compensation committee chair following Nscale's public IPO filing.
Total contracted value
More than USD 103 billionContract value, not recognized revenue or IPO proceeds.
Convertible financing
USD 3.36 billionUSD 2.36bn initial tranche plus USD 1bn NVIDIA commitment expected in November; not all received cash.
Valuation
—Not confirmed
Employees
—No published figure
Net income
—No published figure
Operating cash flow
—No published figure
Financials
No complete financial history available
Revenue
Financial history unavailableComparable financial periods will appear here when available.
No comparable financial series
Available dated disclosures are included in the company overview. View disclosures →
Valuation & peers
Price-to-sales, revenue growth and gross margin
Comparable metrics unavailableComparable company figures for the same date are not available.
Revenue growth (%)
| Company | P/S | Growth | GM |
|---|---|---|---|
| Nscale | — | — | — |
| No published peer comparison | |||
Context: Private financing valuations and modeled market values do not establish an IPO valuation. Revenue run-rate is not used here to calculate a price-to-sales ratio.
Private valuation and funding details
Convertible financing
USD 3.36 billionUSD 2.36bn initial tranche plus USD 1bn NVIDIA commitment expected in November; not all received cash.
IpoHub score
How we score—Not rated
Balance sheet—
Growth—
Community—
Profitability—
Valuation—
Individual category scores are not available.
Where the money goes
—
Use of proceeds—
Allocation percentages—
Net proceeds—
Details on the use of IPO proceeds are not available.
Key risks
Editorial analysisDelivery execution
Data centers, power and GPU deployments must be ready on schedule.
Conversion dilution
Convertible notes affect the share count when the IPO completes.
Contract economics
Contracted value needs delivery schedules, costs and customer context.
Deal terms
- Ticker
- NSCL
- Exchange
- NYSE (proposed)
- IPO price
- Not confirmed
- Price range
- Not confirmed
- Pricing date
- Not confirmed
- First trading day
- Not confirmed
- Shares offered
- Not confirmed
- Deal size
- Not confirmed
- Underwriters
- Not confirmed
- Greenshoe shares
- Not confirmed
- Lockup
- Not confirmed
- Quiet period expirations
- Not confirmed
Nscale IPO: where and how to invest
Where can I invest in the Nscale IPO?
The Nscale IPO is currently marked as filed; public share trading is not yet confirmed in this profile. If IPO subscriptions become available, you need a broker offering that specific deal to investors in your country. Having an account does not guarantee an allocation. After a confirmed listing, you can look for a broker that supports the relevant exchange.
Can I buy Nscale shares now?
Public trading in Nscale shares is not yet confirmed here. An announced or priced offering does not automatically mean you can buy the stock on an exchange. An IPO subscription and a private share purchase each have separate access requirements.
When is the Nscale IPO?
A confirmed first trading day for Nscale has not yet been published here. Check official company announcements and final offering documents; a planned timetable can change.
What is the Nscale IPO share price?
A confirmed IPO offer price for Nscale has not yet been published here. Private funding valuations and modeled private-market prices do not establish the eventual IPO share price.
What is Nscale's stock ticker and exchange?
The ticker recorded in this profile is NSCL. The exchange recorded here is NYSE (proposed). A proposed symbol or exchange does not establish that trading has begun. Verify the final listing announcement before placing an order.
Can I buy Nscale shares before the IPO?
Private transactions or funds may sometimes provide exposure to Nscale if a specific offer exists and you meet its requirements. This profile does not confirm an available private offer. A fund interest may provide indirect exposure rather than direct ownership of company shares. Private investments can have resale restrictions, uncertain valuations and limited exit options; a future IPO is not guaranteed.
Where can I find the Nscale IPO prospectus?
Check Nscale's official investor-relations announcements and publications from the relevant regulator and exchange. A confidential submission or an announcement about it is not a publicly available prospectus. Before subscribing, read the final prospectus for the risks, price, share class and offering terms.
More questions about the Nscale IPO
Has NSCL begun trading?
Trading and a final debut date were not verified as of 7 October 2026; NSCL is the proposed symbol.
Has all $3.36 billion arrived?
The financing describes a $2.36 billion initial tranche and a $1 billion commitment expected in November.
Is $103 billion annual revenue?
No. It is company-reported total contracted value.
Who joined the board most recently?
Amy Banse was announced on 6 October 2026, including chairing the compensation committee.
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