Nscale plc’s amended IPO prospectus, filed with the Securities and Exchange Commission on Thursday, puts revenue for the six months ended June 30, 2026 at $140.6 million, a 1,252 percent increase on the $10.4 million of the same period a year earlier, after full year 2025 revenue of $33.0 million, up 73 percent on 2024. The filing says total contracted value under its long-term take-or-pay contracts has grown from $100 million at launch to over $105 billion in two and a half years, with a weighted average contract life of about 5.7 years and a power pipeline above 10 gigawatts owned and controlled, while its largest customer accounted for 73 percent of 2025 revenue. The amendment also carries the definitive agreement, signed July 28, 2026, to acquire Anyscale, the company behind the Ray distributed computing framework, in a deal expected to close alongside the offering; the cover price range remains blank, so no offering size or valuation is yet filed.
Nscale amended IPO filing shows revenue up thirteenfold
Nscale's amended IPO prospectus puts first half 2026 revenue at $140.6 million, up 1,252 percent on a year earlier, with total contracted value above $105 billion and the price range still blank.
Why it matters: Nscale is one of the largest AI data centre builders preparing to list, and its filed financials are the first hard test of the revenue behind the more than $105 billion of contracts it says it has signed.
Data as of Nscale plc Amendment No. 1 to Form S-1, filed November 12, 2026 with the SEC (accession 0001193125-26-458722), read in full from the filings lane copy in this run; every figure is the filing's own. Developing item.
Sources
- Nscale plc, Amendment No. 1 to Form S-1, filed November 12, 2026 (accession 0001193125-26-458722) - Nscale plc (SEC EDGAR) - 2026-11-12