Nscale filed for a U.S. initial public offering on September 18 with one number that makes the AI-cloud boom look radioactive: the company lost $1.02 billion in the first six months of 2026 on just $140.6 million of revenue. Yet NVIDIA Corporation (NASDAQ:NVDA) is committing $1 billion to a $3.1 billion convertible financing, while Microsoft Corporation (NASDAQ:MSFT) is expected to become one of Nscale's most important customers. The IPO therefore gives investors an unusually clean test of who captures the economics when AI demand is enormous but the infrastructure needed to serve it is even more expensive.
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