Nscale has told US regulators it will need more money to keep growing. The British AI cloud company made the warning in an amended IPO prospectus , filed on Thursday ahead of its planned stock market listing.
Its total debt stood at $5.5bn on 30 September, according to preliminary figures in the filing. That is up from $78.9m at the end of 2025. At the end of June it was $137.4m, Bloomberg reported .
“We will require additional capital to fund our business and support our growth,” Nscale wrote in the filing.
Nscale expects revenue of $307.5m for the first nine months of 2026, up from $21.3m a year earlier. Its net loss for the period was $1.69bn, against $433.3m in 2025. The company says the figures are preliminary and could change.
In the first half alone, Nscale lost $1.02bn on revenue of $140.6m.
Nscale’s order book has grown faster. It had about $6.4bn of active contracts and $105.8bn of active and signed contracts at the date of the filing. At the end of 2025, those figures were $0.5bn and $38.0bn.
The filing also shows Nscale leaning more on Nvidia, its shareholder and chip supplier. Nvidia committed $2bn of the more than $3bn in convertible financing Nscale agreed in September, Bloomberg reported. The first filing disclosed only $1bn, the figure TNW reported for its pre-IPO round .
Nvidia is not obliged to “give us priority allocation, favorable pricing or early access to new products”, Nscale wrote, according to Bloomberg.
The filing landed on the day Jensen Huang resigned as Nvidia’s CEO . Venture investors and founders expect Nvidia to slow its dealmaking, The Information reported . It said deals at Nscale and Firmus hinge on Nvidia keeping up its pace of investment.
Anthropic is Nscale’s biggest customer. Its compute deal is worth up to about $44.6bn, the filing says. The six-year contract covers 460 megawatts at a campus in Monarch, West Virginia, Bloomberg reported. It is due to start coming online in late 2027.
Nscale has committed about $1bn to the site so far and needs at least $30bn more, according to Bloomberg. It must also raise substantial new funding to buy Nvidia equipment for Anthropic’s buildings, or face penalties. Anthropic can end the contract if Nscale fails to secure financing or deliver on time.
“There can be no assurance that additional capital will be obtained by us when required or on acceptable terms,” Nscale said in the filing, according to Bloomberg.
Nvidia has been in talks to guarantee debt for the Anthropic site. Anthropic and Nscale now have 60 days to negotiate a deal for a second building at Monarch, the filing says.
Nscale plans to list on the New York Stock Exchange under the ticker NSCL. Goldman Sachs, JPMorgan and Morgan Stanley are leading the offering. The filing does not yet give a price range or say how much Nscale wants to raise.
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