ECM

Nscale Pre-IPO: Tearsheet

24 Sep 2026 By Ke Yan, CFA
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Abstract: Nscale, an AI infrastructure and GPU cloud provider, has filed its registration statement with the SEC for a NYSE listing. GS, JPM and MS are the lead bookrunners. We look at the company's core products: Nscale Infrastructure and Nscale Cloud. We then look at the company's financial profile, loss-making status, pre-IPO valuation and investor backing.

Amazon.Com (AMZN US) CoreWeave, Inc. Class A Common Stock (CRWV US) Alphabet Inc. Class A Common Stock (GOOGL US) Microsoft (MSFT US) Nebius Group N.V. Class A Ordinary Shares (NBIS US) Nvidia (NVDA US) Oracle (ORCL US)

Highlighted Stocks

Amazon.Com, CoreWeave, Inc. Class A Common Stock, Alphabet Inc. Class A Common Stock, Microsoft, Nebius Group N.V. Class A Ordinary Shares, Nvidia, Oracle

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