NSCALE (NSCL) investor relations material

Company overview and business model

• Operates as a full-stack AI hyperscaler, providing vertically integrated AI infrastructure and cloud services for hyperscalers, enterprises, and sovereigns.

• Business model centers on long-term, take-or-pay contracts for dedicated AI compute, with additional on-demand and cloud-based services.

• Global footprint includes owned, leased, and colocation data centers in low-cost, renewable-rich regions, with a focus on scalable, sustainable infrastructure.

• Recent acquisitions (Monarch Compute Campus, Anyscale) expand physical and software capabilities, supporting both infrastructure and managed AI services.

Financial performance and metrics

• Revenue grew from $19.1M in 2024 to $33.0M in 2025 (73% increase), and to $140.6M for the first half of 2026 (1,252% YoY growth for H1 2026).

• Net losses: $(78.2)M (2024), $(761.8)M (2025), $(1,020.1)M (H1 2026); Adjusted EBITDA margin improved as platform matures.

• As of June 30, 2026: $1.5B cash, $12.4B total assets, $12.4B total liabilities, $2.5B equity.

• Active and contracted TCV reached $103.4B as of August 31, 2026, with 461,000 GPUs under contract.

• Significant capital expenditures and financing activities to support rapid expansion.

Use of proceeds and capital allocation

• IPO proceeds will fund data center projects, technology development, working capital, and potential acquisitions.

• Ongoing strategy to access both equity and debt markets to maintain financial flexibility.

• Customer prepayments and asset-level financing reduce reliance on external capital.