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Nscale files for NYSE listing after $44.6 billion Anthropic data center deal

Nscale Global Holdings filed to go public on the New York Stock Exchange weeks after signing a $44.6 billion infrastructure contract with Anthropic, as the data center developer reported a $1.02 billion first-half net loss.

AI News Feed · 2026-09-19 10:07

Nscale did not disclose how much it hopes to raise in the offering. Last month, sources told Bloomberg that the company is seeking up to $3 billion, and it was valued at $14.6 billion in March.

The company is not yet profitable. It recorded a $1.02 billion net loss in the first half of the year, nearly three times the loss reported 12 months earlier. Revenue over the same period rose more than 1,250% to $140.6 million.

The Anthropic contract covers about 460 megawatts of computing capacity at Nscale's flagship West Virginia campus, known as Monarch, which the company says will be powered entirely by an on-premises microgrid. Nscale states that it has a "clear expansion path to 8GW+" of capacity.

Beyond Monarch, the company is working on 11 other data center projects, which will join five Nscale facilities already operating in Ireland, Norway and Portugal. Four of those buildings are co-location hubs shared with other organizations.

Nscale has deployed 25,000 graphics processing units across its data center network and holds another "461,000 active and contracted GPUs" to meet future customer demand.

The Anthropic agreement was announced a day after Figure AI Inc., a humanoid robot developer, committed to renting up to 100,000 graphics cards; Nscale is taking a stake in the startup as part of that deal. Earlier, Nscale signed a multibillion-dollar GPU hosting agreement with Microsoft Corp.

The company will not rely solely on IPO proceeds to fund its buildout. Its prospectus shows it recently issued $3.1 billion in convertible notes, at least $1 billion of which will go to Nvidia Corp. That financing comes on top of more than $4.6 billion in debt raised since the start of the year.

Nscale plans to spend $1.85 billion to build a 200-megawatt data center in Ward County, Texas, where some racks are to be equipped with Nvidia's latest Rubin GPUs and Vera central processing units. Another $1.2 billion will go toward upgrading a 96-acre site in Madison, North Carolina.

The prospectus states that margins should improve as capacity and revenue grow, because expenses such as engineering remain largely fixed. "As contracted deployments become fully operational and ramp to steady-state utilization, we expect margins to stabilize at higher levels," the filing says.

Editor's Summary

Nscale Global Holdings filed for a New York Stock Exchange listing under the ticker NSCL, following a $44.6 billion contract with Anthropic for roughly 460 megawatts at its West Virginia campus. The company reported a $1.02 billion first-half net loss alongside revenue of $140.6 million, and it is funding construction with $3.1 billion in new convertible notes and more than $4.6 billion in debt raised this year.