Nscale filed to list in New York on 18 September 2026 with $103.4 billion of signed contracts, 461,000 GPUs and 1.37 gigawatts “active and contracted”. The figures that describe equipment switched on today are $2.6 billion, 25,000 GPUs and 81 megawatts, most of it in halls the company rents. It lost $1.0 billion in the first half of 2026 on $140.6 million of revenue, and its operations took in $1.7 billion of cash in the same six months, because its customers pay years ahead. This initiation reads the 186,000-word registration statement, its twenty-five exhibits and the four confidential drafts that preceded it.
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