Nscale

ClusterMAX Tier in SemiAnalysis ClusterMAX 3.0 (23 Sep 2026), the public hands-on rating of GPU clouds. Medal tiers run Platinum, Gold, Silver, Bronze; Participation Ribbon sits between Bronze and Underperforming. Underperforming and Unavailable are the two groups SemiAnalysis lists under "Not Recommended": Unavailable covers providers it could not test or judged too small to rate. Empty when the provider is not listed.

Unavailable 5

Contracted power MW Power the company states as contracted, secured or committed in its portfolio, in MW. Speculative pipeline and planned campuses are excluded; the power note quotes the company's own word for it.

1,370 1

Active power MW Power the company states as active, live, operational or managed today, in MW.

Not published

Power note What the power figures cover, the as-of date, and targets or planned campuses that are not counted.

Approximately 1.37 GW of active and contracted IT capacity at 31 Aug 2026 (S-1, 18 Sep 2026). Potential 10 GW development runway is excluded. No separate active-MW total verified in the filing. 1

Backlog $M Contracted revenue backlog, remaining performance obligations or total contracted value as the company states it, in USD millions.

103,400 1

Backlog note Which backlog measure the company uses and its as-of date.

$103.4B active and contracted total contract value at 31 Aug 2026, including $2.6B active TCV. TCV is not recognized revenue or a directly comparable ASC 606 RPO measure. 1

Quarterly revenue $M Latest reported quarterly revenue, in USD millions, from the company's results release or filing. Company-level unless the note says otherwise.

Not published

Stated ARR $M Annualized run-rate revenue exactly as the company states it, in USD millions. We never annualize a quarter ourselves.

Not published

Revenue note Period, basis and any revenue targets the company has stated.

H1 2026 revenue $140.6M, up 1,252% (S-1). No quarterly figure published. 1

GPUs GPUs deployed, owned or under contract as the company states it.

50,000 2

GPU note What the GPU figure counts and when it was stated.

Over 50,000 GPUs deployed in 2026, 24,000 of them in the prior month; six active data centers in five countries (company, 1 Oct 2026). 2

Capital raised $M Equity and debt raised, in USD millions: the total when the company states one, otherwise the rounds and facilities named in the capital note.

3,360 3

Capital note Exactly which rounds, notes or facilities the capital figure covers, with dates.

$3.36B pre-IPO convertible loan notes led by Third Point, 25 Sep 2026: a $2.36B initial tranche plus a $1B NVIDIA commitment due to fund in mid-November 2026. 3

Customers Customers named publicly by the company, in its filings or in reputable press.

Microsoft, Anthropic 1

Ownership Publicly listed, privately held, or a subsidiary of another company.

private 4

Ticker Exchange and ticker symbol for listed companies.

Not published

Parent Owner or majority shareholder when the neocloud is part of another group.

Not published

Quarterly capex $M Latest disclosed quarterly capital expenditures, in USD millions. Context only; excluded from the composite score.

Not published

Capex note Period and scope of capital expenditures, including whether figures are actuals or guidance.

Not published

GPU models Hardware advertised or tested, with reservations and future availability explicitly noted. Context only; not a fleet count or scoring input.

Not published

Operating footprint Company or service geography as sourced; a general cloud footprint does not guarantee GPU stock in each region.

Not published

Deployment and orchestration Available provisioning and cluster management services; future features are labelled as such.

Not published

Cluster interconnect Published cluster network technology or bandwidth; not a measured service-quality claim.

Not published

Capacity scope Partner supply, network coverage and other non-fleet capacity signals excluded from GPU scoring.

Not published

1. Nscale S-1, filed 18 Sep 2026: prospectus summary, key metrics and H1 financials accessed 2026-11-11
2. Nscale: execution at scale accessed 2026-11-11
3. Nscale pre-IPO convertible financing accessed 2026-11-11
4. Nscale files for initial public offering accessed 2026-11-09
5. ClusterMAX 3.0 (SemiAnalysis, 23 Sep 2026) accessed 2026-11-11

GPU prices, regions and services for Nscale: Nscale on Neocloud Companies.