Nscale's debt hits $5.5bn as it leans harder on Nvidia ahead of IPO

The picture before the listing

British AI cloud company Nscale warned US regulators that it will need more funding to sustain growth, in an amended IPO prospectus filed on Thursday.

Debt at $5.5bn

According to preliminary figures in the filing, the company's total debt stood at $5.5bn as of 30 September, illustrating how AI infrastructure spending accumulates on balance sheets.

Growing reliance on Nvidia

Nscale's growth leans increasingly on Nvidia's AI chips and the data center capacity built around them. The IPO process also highlights how competition in the AI cloud market is inflating capital needs.