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Nscale amends U.S. IPO filing as nine-month revenue jumps, losses widen

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Wire reporting: (Reuters, via CNA)

Nscale, a London-based AI cloud and data-center company backed by Nvidia, amended its U.S. initial public offering registration on Thursday with preliminary results for the nine months ended Sept. 30, according to Channel News Asia carrying a Reuters report3.

The amendment showed revenue of $307.5 million in that period, compared with $21.3 million a year earlier, a rise the CNA/Reuters account described as 1,344 percent, while the net loss widened to $1.7 billion from $433.3 million3.

Thursday's filing added the July-September quarter after Nscale's September S-1 had included financials only through the first six months of the year3.

The company provides compute, power and data-center infrastructure and software used to train and run AI models, CNA reported3.

Nscale did not disclose the size or other terms of the offering on Thursday3.

Goldman Sachs, J.P. Morgan and Morgan Stanley are the lead underwriters, and the company plans to list on the New York Stock Exchange under the ticker NSCL, according to the same account3.

The Telegraph had reported on Tuesday that Nscale was considering delaying the listing until next year, CNA said; that report was not independently confirmed in the assigned coverage3.

Techmeme, summarizing Bloomberg, said the amended S-1 showed Nscale had $5.5 billion of debt in September, up from $137.4 million in June1.

The same Techmeme summary said Nvidia committed $2 billion of more than $3 billion in convertible financing, after previously disclosing $1 billion1.

Those debt and Nvidia-commitment figures were not in the CNA/Reuters item, which focused on revenue, losses, underwriters and listing plans1,3.

A third assigned item, from CNBC, covered Cerebras Systems' quarterly results and a Microsoft deal and did not report on Nscale2.

It was not clear from the assigned coverage when Nscale would price the offering or whether it would proceed this year3.

Sources

  1. TechmemeAmended S-1: Nscale had $5.5B in debt in September, up from $137.4M in June; Nvidia committed $2B of its $3B+ convertible financing; it previously disclosed $1B (Bloomberg)
  2. CNBCCerebras surges 17% after beating on quarterly revenue and announcing Microsoft deal
  3. (Reuters, via CNA)Nscale expects 14-fold revenue surge in amended IPO filing

How it’s being reported

3 sources

First reported by CNACNA

Amended S-1: Nscale had $5.5B in debt in September, up from $137.4M in June; Nvidia committed $2B of its $3B+ convertible financing; it previously disclosed $1B (Bloomberg)

Balance-sheet debt growth and a larger Nvidia convertible commitment than previously disclosed

Techmeme's roundup attributed to Bloomberg an amended S-1 showing Nscale's September debt at $5.5 billion, up from $137.4 million in June, and Nvidia committing $2 billion of more than $3 billion in…

Leaves out Nine-month revenue, net-loss figures, underwriters, ticker and listing venue

Where they agree

  • Nscale amended its IPO registration around Thursday, Nov. 12-13, 2026.

Where they differ

What the amendment mainly shows

Side by side

Each outlet's article broken down by our newsroom, in our own words. To read what they wrote, use the button under each one.

TechmemeTechmeme

Amended S-1: Nscale had $5.5B in debt in September, up from $137.4M in June; Nvidia committed $2B of its $3B+ convertible financing; it previously disclosed $1B (Bloomberg)

Balance-sheet debt growth and a larger Nvidia convertible commitment than previously disclosed

Techmeme's roundup attributed to Bloomberg an amended S-1 showing Nscale's September debt at $5.5 billion, up from $137.4 million in June, and Nvidia committing $2 billion of more than $3 billion in…

Leaves out Nine-month revenue, net-loss figures, underwriters, ticker and listing venue

Balance-sheet debt growth and a larger Nvidia convertible commitment than previously disclosed

What it reports

  • Techmeme summarized a Bloomberg account of Nscale's amended S-1.
  • The roundup said debt was $5.5 billion in September, versus $137.4 million in June.

Leaves out Nine-month revenue, net-loss figures, underwriters, ticker and listing venue

CNBCCNBC

Cerebras surges 17% after beating on quarterly revenue and announcing Microsoft deal

Cerebras quarterly results, guidance and a Microsoft cloud deal

This assigned item is a Cerebras Systems earnings story and does not report on Nscale's amended IPO filing.

Leaves out Nscale, the amended S-1, debt and Nvidia convertible financing

Cerebras quarterly results, guidance and a Microsoft cloud deal

What it reports

  • CNBC reported Cerebras third-quarter results and a Microsoft agreement, not Nscale's IPO amendment.

Leaves out Nscale, the amended S-1, debt and Nvidia convertible financing