A September 29 report questioned Nscale’s data-center buildout in the context of a reported possible IPO valuation of up to $35 billion. Nscale’s preliminary Form S-1, filed September 18, describes an intended New York Stock Exchange listing under ticker NSCL and reports five active and 12 contracted sites as of August 31, 2026.
What Nscale reported about its sites
Nscale reported five active data-center sites and 12 contracted sites in its August 31 snapshot. The company defines active capacity as capacity that is online and generating revenue. Contracted capacity refers to IT capacity at facilities under development under signed customer contracts.
Those figures describe distinct categories in Nscale’s portfolio. The company also reported about 1.37 gigawatts of active and contracted capacity, and about 10 GW of potential power capacity.
Capacity, GPUs and contract value
Nscale’s reported GPU count was about 25,000 active GPUs within a total of 461,000 active and contracted GPUs. The company also reported total contract value, or TCV, of more than $103 billion. TCV covers revenue contracted across the full committed terms of signed customer agreements.
| Measure | Nscale-reported figure | Scope or period |
| Data-center sites | 5 active; 12 contracted | As of August 31, 2026 |
| Active and contracted capacity | Approximately 1.37 GW | Company snapshot as of August 31, 2026 |
| Potential power capacity | Approximately 10 GW | Company-reported potential capacity |
| GPUs | Approximately 25,000 active; 461,000 active and contracted | As of August 31, 2026 |
| Total contract value | More than $103 billion | Revenue across the full committed terms of signed agreements |
Nscale’s first-half 2026 financial results
For the six months ended June 30, 2026, Nscale reported $140.6 million in revenue and a net loss of $1,020.1 million.
What the preliminary IPO filing says
Nscale filed a preliminary Form S-1 on September 18 for an intended listing on the New York Stock Exchange under the ticker NSCL. A possible IPO valuation of up to $35 billion has been reported. The company’s disclosed filing describes the proposed listing; the reported valuation is a separate, possible target.
