Nscale plc
Nscale plc filed Amendment No. 1 to its Form S-1 registration statement (Reg. No. 333-299011) on November 12, 2026, for an initial public offering of ordinary shares (par value $0.01). The company has applied to list on the NYSE under the symbol "NSCL," with Goldman Sachs, J.P. Morgan, and Morgan Stanley as lead bookrunners. The prospectus is preliminary and subject to completion, with the IPO price range and share count left blank. Nscale is an emerging growth company and non-accelerated filer.
- Nscale is a vertically integrated AI infrastructure company spanning land, power, data centers, GPUs, and software.
- The company reports scaling from $100 million to over $105 billion in total contracted value in two and a half years.
- Power pipeline grew from 750 MW to 10 GW+ owned and controlled, with operations in 14 regions.
- Team grew from 40 to over 1,000 employees since launch in May 2024.
- A 60-for-1 forward stock split occurred in May 2026 as part of the corporate reorganization.
Price data unavailable.
A high-growth AI infrastructure company with a claimed $105 billion contracted backlog is moving toward a major NYSE listing.
Nscale joins a wave of AI infrastructure and data center companies seeking public listings amid surging demand for gigawatt-scale compute capacity.
The prospectus flags risks beginning on page 27, including reliance on forward-looking industry forecasts and the uncertainty of securing land, power, and connectivity at gigawatt scale.