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Barchart
Barchart
Sushree Mohanty

A 1,252% Revenue Surge Isn’t the Most Important Number in This Nvidia-Backed AI IPO

Nscale Nvidia IPO United States Anthropic CoreWeave Microsoft Nebius

The U.S. IPO market has come roaring back in 2026, with a wave of major companies tapping the public markets, including Space X (SPCX), Cerebras Systems (CBRS), and SK Hynix (SKHY). Investors pay close attention to any companies that chip giant Nvidia (NVDA) puts its eye on. And this time, the spotlight is on Nscale, an AI infrastructure or neocloud company.

Nscale has now filed for a U.S. IPO, targeting a valuation of roughly $30 billion, with major customers including Microsoft (MSFT) and Anthropic. But the headline 1,252% revenue jump may not be the important number investors should focus on before the company enters the public markets. There are more revealing figures buried in the filings.

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