Nscale: Newest Neocloud Coming Public

Summary Nscale Limited is targeting a $30B IPO valuation as a vertically integrated AI infrastructure provider with $103.4B in contracted backlog. NSCL’s business model leverages majority-owned data centers, Nvidia GPU rentals, and a proprietary cloud software layer, positioning it as a neocloud peer to CRWV, NBIS, and IREN. Despite rapid revenue growth and strong customer prepayments, NSCL remains highly capital-intensive and loss-making due to lagged revenue recognition versus build-out expenses. At a reported 22x contracted power, NSCL’s proposed valuation appears stretched versus peers, raising caution despite strong demand and marquee contracts like Anthropic. Getty Images Nscale Limited ( NSCL ) has become the most recent neocloud to file for an IPO, with the S-1 only having recently come out . Since the company just filed and still has to go through the roadshow This article was written by The Software Side of Life 5.56K Followers Follow Individual investor with hands-on experience in the equity markets. Largely focusing on Tech companies or major mispricings in the market. Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.