Nscale has informed prospective investors that it holds about $51 billion in total contracted revenue as it prepares for a potential U.S. initial public offering that could take place in September, according to people familiar with the conversations who requested anonymity.
Company executives told those potential backers that revenue climbed to more than $100 million in the second quarter of 2026, up from roughly $37 million in the first quarter of 2026 and about $33 million for the entirety of 2025, the people said.
On the infrastructure side, Nscale is pursuing a substantial power expansion to serve its AI computing centers. The firm is working to add 10 gigawatts of power to supplement its existing 831 megawatts of active and contracted power capacity, the people said. For context noted by those sources, a single gigawatt can power roughly 750,000 U.S. homes at any given time. Nscale is developing data center facilities in locations that include Norway and West Virginia.
The company is also increasing its chip inventory. As of the second quarter of 2026, Nscale had about 25,000 active chips and approximately 289,000 active and contracted chips in total, according to the same people. Most of the company’s current active chips are from Nvidia Corp.'s Blackwell series, one person said. In addition, Nscale has contracted for about 194,000 Nvidia Vera Rubin GPUs, the person added.
Investment banks Goldman Sachs Group Inc. and JPMorgan Chase & Co. are engaged with Nscale on the prospective IPO, the people said.
Context and immediate implications
The figures presented to prospective investors reflect a company moving quickly to scale both compute capacity and the power infrastructure required to support large-scale AI workloads. Reported quarter-to-quarter revenue acceleration points to rising commercial activity, while the contracted GPU counts indicate significant vendor relationships and supply commitments.
What remains uncertain - timing and completion of the proposed IPO and the execution of large-scale power and capacity additions remain subject to change, as described by the people briefed on the fundraising discussions.