When Will Nscale IPO? Nvidia-Backed Cloud Firm Files US S-1

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By Segmara Research · Published September 26, 2026 · Updated October 4, 2026

As of October 4, 2026, Nscale has not set an IPO date or a price range. The UK-based, Nvidia-backed AI cloud company filed a Form S-1 with the SEC on September 18, 2026 to list on the New York Stock Exchange under the symbol NSCL, with the price range left blank, and SEC EDGAR shows no amendment to that filing as of October 4. Renaissance Capital wrote on October 2 that no US IPOs were scheduled for the week of October 5 and listed Nscale among the companies eligible to launch, naming TRex Bio and Iambic Therapeutics as the most likely. Bloomberg reported on August 21, 2026, citing people familiar with the matter, that Nscale is seeking to raise as much as $3 billion in the IPO, and repeated the figure on October 2, the day Nscale named former Meta executive Justin Osofsky chief operating officer. The S-1 reports first-half 2026 revenue of $140.6 million, up 1,252% from $10.4 million, with the largest customer at 52% of it. Segmara does not sell, broker or arrange Nscale shares and does not predict a pricing or listing date.

Segmara is an independent research site. Segmara does not sell, broker, or arrange share purchases. Nothing here is investment advice.

Key points

Where the IPO stands on October 4, 2026

Nscale filed a Form S-1 with the SEC on September 18, 2026 for a US initial public offering of its ordinary shares. The cover page names the New York Stock Exchange and the symbol NSCL but leaves the price range and the share count blank, and SEC EDGAR shows no amendment to the filing as of October 4, 2026. With no price range or share count on file, there is no offering size or IPO date to report.

Renaissance Capital wrote on October 2, 2026 that no US IPOs were scheduled for the week of October 5 and that a few companies were eligible to launch, including Nscale; it named TRex Bio and Iambic Therapeutics as the most likely candidates. Bloomberg reported on August 21, 2026, citing people familiar with the matter, that Nscale is seeking to raise as much as $3 billion in the IPO, and repeated the figure on September 25 and October 2. Neither is a launch announcement by Nscale.

What the S-1 discloses

The S-1 reports revenue of $140.6 million for the six months ended June 30, 2026, against $10.4 million a year earlier, an increase of 1,252%. It says the largest customer accounted for 52% of first-half 2026 revenue and 73% of 2025 revenue.

The filing describes statements of work with Microsoft that provide for payments of up to about $43.8 billion through December 2033, and GPU services agreements signed with Anthropic on August 25, 2026 that provide for payments of up to about $44.6 billion. Those are contract ceilings stated in the S-1, not reported revenue.

Fortune reported on September 23, 2026 that the Financial Times traced a ByteDance connection to a 2025 Macquarie loan exhibit; ByteDance is not named among the S-1's customers.

Valuation reports, financing and management

On filing day, Reuters cited a CNBC report that Nscale is targeting a valuation of about $30 billion; Fortune put the target nearer $35 billion on September 23, 2026. Both are press reports, not terms set by Nscale.

TechCrunch reported on September 25, 2026 that Nscale secured $3.36 billion in convertible financing ahead of the IPO, led by Third Point, with $2.36 billion available immediately and $1 billion from Nvidia due in mid-November, and with the notes set to convert into equity at the IPO.

On October 2, 2026, Nscale appointed Justin Osofsky, previously Chief Partnerships Officer at Meta, as chief operating officer, reporting to founder and CEO Josh Payne.

AI-ready data summary

A structured extraction layer for this article: catalogue numbers, price context, chart values, and route-specific facts that search and AI systems can read directly from the page.

Metric	Value	Context
Canonical route	/blog/when-will-nscale-ipo	Stable URL path for AI and search extraction.
Article title	When Will Nscale IPO? Nvidia-Backed Cloud Firm Files US S-1	Main page topic.
Attached public sources	10	Number of citation links rendered at the bottom of the article.
Segmara listed companies	51	Live private-company listings in the public catalogue.
Priced listings	37	Catalogue listings with visible indicative or direct marks.
Listings without an indicative price	14	Catalogue listings where a public price is intentionally not invented.

Data fingerprint chart

Visible pricing coverage72%

37 of 51 listings show a mark

Stage	Timing	Price / valuation signal	Interpretation

Chart metric	Score	Interpretation
Visible pricing coverage	72 / 100	37 of 51 listings show a mark

Analytical lens

Search intent

Searches like 'When Will Nscale IPO? Nvidia-Backed Cloud Firm Files US S-1' are research questions: what a filing or a company statement confirms, what has only been reported, and what is still unknown.

What counts as a listing step

For an IPO, the primary record is a registration statement filed with the securities regulator of the listing market, such as an S-1 or F-1 on SEC EDGAR for a US listing. Funding rounds, valuations and secondary-market prices are context, not listing steps.

Segmara role

Segmara is an independent research site. It does not sell, broker, or arrange share purchases, and nothing on this page is investment advice.

How a company reaches a US listing

The SEC filing trail

DraftThe company can first submit a draft registration statement (DRS) for confidential SEC review.

S-1 or F-1The registration statement goes public on SEC EDGAR: Form S-1, or Form F-1 for many foreign companies. A company that used a draft must file publicly at least 15 days before its roadshow.

AmendmentsS-1/A or F-1/A amendments answer SEC comments, and one of them adds the expected price range.

PricingOnce the SEC declares the registration effective, the company sets the price with its underwriters and files the final prospectus, usually a 424B4.

First tradeThe shares start trading on the exchange named in the prospectus, such as Nasdaq or the NYSE.

Sources: SEC, March 3, 2025 · Investor.gov, October 14, 2022 · Regulation S-K Item 501 · SEC Form F-1.

Nscale on SEC EDGAR

Segmara Pro checks SEC EDGAR for Nscale filings every weekday and posts an alert in the members forum when one of these public filings appears. You can also check yourself with EDGAR full-text search.

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Key takeaways

Nscale filed a Form S-1 on September 18, 2026 to list on the NYSE under the symbol NSCL; the price range is blank, and SEC EDGAR shows no amendment to the S-1 as of October 4, 2026.
Renaissance Capital wrote on October 2, 2026 that no US IPOs were scheduled for the week of October 5 and listed Nscale among the companies eligible to launch. Bloomberg first reported on August 21, 2026, citing people familiar with the matter, that Nscale is seeking to raise as much as $3 billion in the IPO.
The S-1 reports first-half 2026 revenue of $140.6 million, up 1,252% from $10.4 million, with the largest customer at 52% of it, and describes statements of work with Microsoft worth up to about $43.8 billion through December 2033 and GPU agreements with Anthropic worth up to about $44.6 billion.

Risk notes

Rumor risk: unofficial dates, valuations, or funding details circulating on social media or forums are frequently wrong or outdated and should not be treated as confirmation of anything.
Illiquidity risk: any private-market interest, indicative marks, or pre-IPO share arrangements in a company that has not listed can be difficult to exit and may not reflect a tradable price.
Timing risk: a company can pause, restart, or abandon IPO preparation at any stage, including after a confidential or public filing, so no step before pricing guarantees a listing.

Public source links

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Questions

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Has Nscale set an IPO date?

No. As of October 4, 2026, Nscale has not announced an IPO date or a price range. Its S-1 of September 18, 2026 names the NYSE and the symbol NSCL but leaves the price range blank, and SEC EDGAR shows no amendment. Renaissance Capital listed Nscale on October 2 as eligible to launch in the week of October 5, which is not a scheduled date.

How much is Nscale trying to raise?

The S-1 does not say yet: the price range and share count are blank. Bloomberg reported on August 21, 2026, citing people familiar with the matter, that Nscale is seeking to raise as much as $3 billion in the IPO, and repeated the figure on September 25 and October 2. Valuation figures in the press, a target of about $30 billion reported by CNBC and cited by Reuters on September 18 and nearer $35 billion in Fortune on September 23, are press reports, not terms set by Nscale.

How much did Nscale's revenue grow?

The S-1 reports revenue of $140.6 million for the first half of 2026, up 1,252% from $10.4 million a year earlier, and says the largest customer accounted for 52% of that revenue.

Can I buy Nscale shares before the IPO?

Not through Segmara. Segmara is a research site; it does not sell, broker or arrange Nscale shares before or after any IPO. The S-1 on SEC EDGAR is the primary record of the offering.

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