At a time when the industry is in full swing, it is still sprinting to the NYSE! “Nvidia” Xinyun Nscale updates its IPO prospectus: revenue surged 1344%, and a huge loss of 1.69 billion US dollars in a single quarter

Zhitong Finance App learned that Nscale, a “new cloud” vendor supported by Nvidia (NVDA.US), submitted the latest initial public offering (IPO) documents in the US on Thursday.

According to the latest prospectus of its IPO plan, the company had a net loss of US$1.69 billion in the third quarter and revenue of US$307.5 million, an increase of 1,34% over the previous year. Net loss was further expanded from $1.02 billion in the second quarter. Revenue for the second quarter was US$140.6 million, up 1252% year over year.

According to information, London-based Nscale submitted a listing application as early as September, but has not updated its prospectus since then. The company did not state how much capital it plans to raise in a public offering on the New York Stock Exchange.

Since the initial filing, the company has successively experienced poor business.

Microsoft (MSFT.US) abandoned the Nscale data center it originally planned to use in the UK. Microsoft UK and Ireland CEO Darren Hardman said in an interview in October that the decision was related to Nscale's difficulties in obtaining stable electricity supply.

According to another report, Microsoft has also decided not to renew its contract with Nscale in Texas. However, Nscale stated in the IPO file that it is expected that Microsoft “will continue to be an important customer in the coming period.”

The “New Cloud” market focuses on renting out computing power access to Nvidia GPUs and other chips to customers. The market has been in turmoil recently, partly due to Hwang In-hoon's resignation as Nvidia's CEO on Thursday, after he admitted that he had an affair. Nvidia has also launched an independent investigation into Hwang In-hoon.

Prior to that, in October, the stock price of NScale's competitor CoreWeave (CRWV.US) was already under pressure, but boosted by impressive earnings reports, the stock price rose nearly 25% on Wednesday. Meanwhile, on Thursday, after Hwang In-hoon left his job, CoreWeave declined by about 7% — Hwang In-hoon once dominated Nvidia's investment layout in the new cloud circuit.

Shares of Nebius (NBIS.US), another “new cloud” company, fell about 17% on Thursday as the company issued weak full-year results guidance.

However, Nscale still has favorable support: it continues to expand with the Anthropic business, which is also preparing to go public. In late September, Anthropic exercised its contractual right to purchase additional computing power at the Nscale West Virginia site.