Nscale files for an IPO with a $1.02B first-half loss

Nscale filed a Form S-1 for a proposed New York Stock Exchange listing under NSCL, while its prospectus reports a $1.02 billion net loss on $140.6 million in revenue for the six months ended June 30, 2026. Nscale’s filing announcement says the share count and price range are not yet set; SiliconANGLE’s filing report says revenue jumped more than 1,250% year over year while one customer supplied more than half of first-half revenue. The filing converts Nscale’s proposed IPO into a live financing process, but the loss and concentration are the operator’s harder numbers: compute buyers should treat Nscale’s $3.5B Figure commitment analysis as a capacity claim that still needs delivery and balance-sheet evidence.