Nscale Doubles Active GPUs to 50,000, Prospective IPO Values Firm at $30bn

Nscale has brought two data centers and roughly 25,000 GPUs online since August 31, 2026, doubling its active fleet to 50,000 GPUs, according to an updated IPO prospectus. That figure covers just under 11 percent of the 461,000 GPUs the company has active or under contract.

The September prospectus, dated August 31, listed 25,000 active GPUs — around five percent of the company's stated goal. Two months of deployment closed half that gap.

How much capacity does Nscale now control?

The company operates seven active data center sites, up from five with 55MW, and has ten more in the pipeline. The latest filing does not state total capacity across the seven active sites.

Across the whole footprint, Nscale reports 1.37GW of active and contracted capacity, split three ways:

• 1GW at owned sites
• 200MW at leased sites
• 165MW at colocation data centers

The company says it has "line of sight" to 10GW of potential power capacity across its footprint. In plain terms: current commitments sit at roughly one-seventh of what Nscale believes it can eventually reach.

What do the new revenue figures show?

Nscale has changed its reporting period. The previous prospectus cited revenue of $140.6 million for the six months to June 30, 2026 — a 1,252 percent year-on-year increase — alongside losses of $1.02 billion, up from $368.9 million in the same period of 2025.

The new prospectus focuses on the full year 2025, ended December 31. Revenue reached $33 million, up 73 percent from $19.1 million in 2024.

The contract book has grown faster than revenue. Nscale states: "As of the date of this prospectus, we had approximately $6.4 billion of active and $105.8 billion of active and contracted TCV (total contract value) under long-term take-or-pay contracts with customers, compared to $0.5 billion of active and $38.0 billion of active and contracted TCV as of December 31, 2025." Those contracts support the deployment of approximately 461,000 GPUs active or contracted as of that date.

What did Anthropic lock in on September 29?

The prospectus confirms reports of negotiations over a second building at the Monarch Compute Campus in West Virginia, where Nscale and Anthropic signed a $45 billion compute agreement in August.

"On September 29, 2026, Anthropic exercised their right to contract for additional compute at Building 2 on our Monarch campus," the filing states. "We and Anthropic have 60 days (subject to mutual extension) to negotiate an agreement in good faith."

A third building is also in play. Anthropic may exercise a right over Building 3 within 15 business days after both parties sign the Building 2 agreement. If it does, the parties would have 60 days from Anthropic's notice to finalize written terms.

The stakes around delivery are explicit. Should Nscale fail to provide GPU infrastructure on the agreed timelines — including in the event of supply chain delays — "Anthropic may be entitled to terminate that tranche without liability."

How will Nscale pay for the build-out?

Nscale expects to fund the Anthropic deployments through "external financing and cash flow from operations." The company has not yet signed any financing agreements, but points to preparatory work.

"In connection with the Anthropic Services Agreements, we have tested market depth based on discussions with market participants for the requisite financings, and have a track record of securing data center and GPU financings," Nscale said. "Based on these efforts and our track record, we believe we will be able to obtain the qualifying financing within the required period."

The IPO itself is intended to raise billions of dollars for the AI data center build-out, at a reported target valuation of around $30 billion. No official date for the offering has been set.