From CNBC · Jordan Novet · · 1m 40s
AI cloud provider Nscale files for NYSE debut
The GPU rental company spun out of crypto mining and is now chasing a $14.6 billion valuation.
In brief
The GPU rental company spun out of crypto mining and is now chasing a $14.6 billion valuation. Nscale is capitalizing on explosive demand for AI computing power by going public, with revenue up 1,252% year-over-year and major customers like OpenAI and Microsoft already signed on. Originally reported by CNBC.
GPU rental startup heads to NYSE
Nscale, which rents Nvidia graphics processors for AI model training and inference, filed to go public under ticker NSCL on the New York Stock Exchange.
Explosive growth from crypto mining roots
Nscale spun out of cryptocurrency mining firm Arkon Energy in 2024 and has since posted 1,252% revenue growth in the first half of 2026 compared to the same period last year.
Massive losses despite revenue surge
Nscale reported a $1.02 billion net loss on $140.6 million in revenue for the first six months of 2026, though losses shrank from $368.9 million a year earlier.
OpenAI and Anthropic are key customers
OpenAI, Anthropic and Microsoft have all signed deals with Nscale to rent GPUs for training and running AI models. One unnamed customer accounted for over half of revenue in the first half of 2026.
Expanding beyond GPU rental
Nscale is diversifying by handling inference requests for multiple models and announced plans in July to acquire startup Anyscale, whose software helps construct AI models.
Backed by tech giants and heavy debt
Investors include Blue Owl, Dell, Nvidia and Fidelity, with the company valued at $14.6 billion in March. Nscale carries over $8 billion in debt and has 461,000 active or contracted GPUs across 17 data center sites.
At a glance
Nscale is capitalizing on explosive demand for AI computing power by going public, with revenue up 1,252% year-over-year and major customers like OpenAI and Microsoft already signed on.
