Nscale files for IPO at up to $35B valuation, doubling in six months
创业邦 · wechat · 2026-09-25
Nscale, the AI cloud spun out of a Bitcoin miner, has filed an S-1 for a NYSE IPO at up to a $35B valuation, raising up to $3B — double its $14.6B valuation from March. H1 2026 revenue hit $140.6M (+1252% YoY) with a $1.02B net loss. Nvidia is simultaneously its supplier, customer ($1.2B lease) and investor ($2B+); Microsoft and Anthropic account for 85% of contract value ($43.8B and $44.6B respectively). The S-1 even discloses going-concern doubts. The piece compares Nscale's energy-arbitrage model with CoreWeave and Nebius.
Related event: Nvidia-backed AI cloud Nscale files for IPO at up to $35B valuation(2 posts)→
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