🇬🇧GPU-cloud operator Nscale filed for a NYSE: NSCL IPO; its convertible loan notes automatically convert upon offering completion.

Nscale filed an S-1 registration statement for an initial public offering (IPO), with the proposed New York Stock Exchange symbol NSCL. Telegram reports identify Goldman Sachs, JPMorgan and Morgan Stanley as lead bookrunners. A separate CNBC-attributed message describes a targeted multibillion-dollar offering and approximately $30 billion valuation; these are reported targets, not completed financing or an established public-market valuation.

Financial_Express reports that Nscale’s 2025 revenue was $33 million, compared with $19.1 million the preceding year. First-half 2026 revenue was $140.6 million, versus $10.4 million in the comparable period.

The same report puts Nscale’s 2025 net loss at $761.8 million, compared with $78.2 million previously, and its first-half 2026 net loss at $1.02 billion, versus $368.9 million a year earlier. It also reports an adjusted operating loss margin of 199%, compared with 185% in the preceding first-half period; these financial figures are supplied through Telegram reporting rather than the visible S-1 excerpt.

The S-1 explicitly states that the convertible loan notes automatically convert upon completion of the offering, into ordinary shares or, for NVIDIA, non-voting shares. Separately, Nscale discloses that its active capacity as of August 31 was primarily in colocation and leased deployments, whereas the substantial majority of contracted sites by contracted capacity were wholly owned. The filing therefore distinguishes currently active infrastructure from the broader contracted development portfolio.