Nscale has told U.S. regulators it will need more money to keep growing. The British AI cloud company made the warning in an amended IPO prospectus filed Thursday, ahead of its planned stock market debut. The document shows a company expanding fast, borrowing heavily and depending on its chip supplier and shareholder, Nvidia.
How much debt does Nscale have?
Nscale’s total debt stood at $5.5 billion on Sept. 30, according to preliminary figures in the filing. That is a steep climb from $78.9 million at the end of 2025. At the end of June, debt was $137.4 million, Bloomberg reported. “We will require additional capital to fund our business and support our growth,” the company wrote.
Revenue climbs, losses widen
Nscale expects revenue of $307.5 million for the first nine months of 2026, up from $21.3 million a year earlier. The company also reported a net loss of $1.69 billion for the period, compared with $433.3 million in 2025. Nscale cautioned that the figures are preliminary and could change.
In the first half of the year alone, the company lost $1.02 billion on revenue of $140.6 million. Its order book has grown even faster. At the date of the filing, Nscale had about $6.4 billion in active contracts and $105.8 billion in active and signed contracts. At the end of 2025, those figures were $0.5 billion and $38.0 billion.
A bigger role for Nvidia
Why is Nscale relying on Nvidia?
The filing shows Nscale leaning harder on Nvidia, which is both a shareholder and its chip supplier. Nvidia committed $2 billion of the more than $3 billion in convertible financing Nscale agreed to in September, Bloomberg reported. The first filing disclosed only $1 billion, the figure TNW reported for the company’s pre-IPO round.
Nscale also acknowledged the limits of that relationship. According to Bloomberg, the company wrote that Nvidia is not obliged to “give us priority allocation, favorable pricing or early access to new products.”
The filing landed on the same day Jensen Huang resigned as Nvidia’s CEO. The Information reported that venture investors and founders expect Nvidia to slow its dealmaking. The outlet said deals at Nscale and Firmus depend on Nvidia keeping up its pace of investment.
The Anthropic contract
What is the Anthropic compute deal worth?
Anthropic is Nscale’s biggest customer. The filing says the six-year compute deal is worth up to about $44.6 billion. It covers 460 megawatts at a campus in Monarch, West Virginia, and is due to start coming online in late 2027, Bloomberg reported.
Building that campus will take a lot of money. Nscale has committed about $1 billion to the site so far and needs at least $30 billion more, according to Bloomberg. It must also raise substantial new funding to buy Nvidia equipment for Anthropic’s buildings, or face penalties. Anthropic can end the contract if Nscale fails to secure financing or deliver on time.
“There can be no assurance that additional capital will be obtained by us when required or on acceptable terms,” Nscale said in the filing, according to Bloomberg. Nvidia has been in talks to guarantee debt for the Anthropic site. Anthropic and Nscale now have 60 days to negotiate a deal for a second building at Monarch, the filing says.
Nscale plans to list on the New York Stock Exchange under the ticker NSCL. Goldman Sachs, JPMorgan and Morgan Stanley are leading the offering. The filing does not yet give a price range or say how much the company wants to raise.
Este artículo fue escrito con la asistencia de IA.
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