Amid industry-wide jitters, it is still pushing ahead for the NYSE! "Nvidia-linked" neocloud Nscale updates its IPO prospectus: revenue surges 1,344%, with a massive single-quarter loss of US$1.69 billion.

Nscale, a "neocloud" provider backed by NVIDIA Corporation (NVDA.US), filed an updated prospectus on Thursday for its U.S. initial public offering (IPO). According to the latest prospectus for its IPO plan, the company reported a net loss of US$1.69 billion in the third quarter, with revenue of US$307.5 million, up 1,344% year-over-year. The net loss widened further from US$1.02 billion in the second quarter, when revenue was US$140.6 million, up 1,252% year-over-year. London-based Nscale submitted its listing application as early as September but had not updated its prospectus since. The company did not specify how much it plans to raise in the public offering on the New York Stock Exchange. Since its initial filing, the company has been hit by a series of negative business developments. Microsoft Corporation (MSFT.US) abandoned Nscale data centers originally planned for use in the UK. Darren Hardman, CEO of Microsoft Corporation UK and Ireland, said in an interview in October that the decision was related to Nscale's difficulty in securing a stable power supply. Separately, Microsoft Corporation also decided not to renew its contract with Nscale in Texas. However, Nscale said in its IPO filing that it expects Microsoft Corporation to "remain a significant customer in future periods." The "neocloud" market, which focuses on renting out computing access to chips such as NVIDIA Corporation GPUs to customers, has recently been in turmoil, partly because Jensen Huang resigned as NVIDIA Corporation's CEO on Thursday after admitting to an extramarital affair. NVIDIA Corporation also launched an independent investigation into Jensen Huang. Before that, in October, shares of Nscale competitor CoreWeave (CRWV.US) had already come under pressure, but boosted by strong earnings, the stock surged nearly 25% on Wednesday. On Thursday, after Jensen Huang's departure, CoreWeave fell about 7% Jensen Huang had led NVIDIA Corporation's investment push into the neocloud sector. Shares of another "neocloud" company, Nebius (NBIS.US), fell about 17% on Thursday after the company issued weak full-year guidance. Still, Nscale has positive support: its business with Anthropic, which is also preparing for an IPO, continues to expand. In late September, Anthropic exercised its contractual right to purchase additional computing capacity at Nscale's West Virginia site.