(Incorporated in the Cayman Islands)

Nscale is a full-stack AI hyperscaler, building the engine of superintelligence.

The artificial intelligence market is catalyzing a fourth industrial revolution, as AI-driven productivity gains are integrated into virtually every product, industry, and job. This shift is driving the largest infrastructure build-out in history, as companies and nation-states race to build leading AI capabilities across every major vertical. Over the next five years, we believe the largest companies will be born from this next great exponential technology cycle. Success will be defined not only by algorithms or models, but by access to scalable, reliable, and cost-efficient AI infrastructure capable of supporting them. AI infrastructure is the foundation of this market. The company that builds and operates that foundation on which the AI market sits will become the hyperscaler of tomorrow. Nscale is building that foundation. We believe Nscale is positioned to be one of the lowest cost producers of AI compute, delivering the infrastructure on which the AI economy is being built.

With our AI cloud platform designed as part of our vertically integrated model, we deliver AI infrastructure and services to some of the most important technology companies globally. We plan, source, build and operate multiple stages of the AI infrastructure value chain, including powered land and power access, behind-the-meter power generation, data center design and build, facility ownership and operations, GPU fleet deployment and management and our unified software control plane. This integrated approach maximizes our ability to service our customers reliably and economically. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Maximizing the Value of Our Infrastructure.”

Our platform is built on a global portfolio of low-cost powered land and behind-the-meter power sites that support the deployment of AI infrastructure to serve large-scale AI training and inference workloads. We develop large-scale AI campuses in low-cost power regions to enable cost-effective delivery of AI compute across our portfolio while smaller, distributed GPU clusters allow us to serve sovereign workloads or those that require in-country infrastructure deployment. This model allows Nscale to deliver low-cost, reliable, and performant compute to a global customer base running large scale training and inference workloads. Our unified cloud software platform delivers a consistent, secure orchestration layer across our global portfolio, managing scheduling, fleet operations, and system health across heterogeneous environments to provide a reliable, standardized operating model for running AI training and inferencing workloads at scale. At present, our degree of ownership and operational control varies by project and location: our current portfolio includes wholly-owned sites, colocation and leased deployments, where in some cases we do not control the underlying third-party facility. We also do not control all inputs to our platform, such as the manufacture of GPUs, power generation equipment, or other critical infrastructure components, which we instead procure through close partnerships with key suppliers. Given the long lead times associated with the development of large-scale data center campuses, as of August 31, 2026, our active capacity is primarily composed of colocation and leased deployments. These deployments enable us to provide compute capacity in the nearer term, establish and expand customer relationships, and demonstrate our ability to deploy, operate and manage GPU infrastructure and related cloud services at scale. However, the substantial majority of our contracted data center sites by contracted capacity are wholly owned by us and provide us with greater control over key aspects of the AI infrastructure stack, typifying the vertically integrated nature of our platform.

Beginning in 2023, we proactively assembled a multi-gigawatt portfolio of powered land in structurally low-cost power markets, positioning the company ahead of accelerating demand for high-density, AI-optimized infrastructure. As demand for AI compute has accelerated, access to reliable, large-scale contiguous power has emerged as the primary gating factor for AI infrastructure deployment. In March 2026, we took a decisive step to secure long-term leadership in the U.S. AI infrastructure market by acquiring 100% of the share capital of American Intelligence & Power Corporation (“AIPCorp”), which includes the Monarch Compute Campus in Mason County, West Virginia, one of the largest AI-dedicated infrastructure sites globally, with a power generation capacity runway scalable to over 6.5 GW of IT load power and over 8 GW of gross power. Following this acquisition, we created a new subsidiary—Nscale Energy & Power—to internalize power origination and development capabilities and establish our Energy & Power division. This early, power-first strategy now underpins our long-term unit-economic advantage and provides the foundation on which we continue to scale our AI campuses and distributed deployments globally.

Note: Net loss and revenue are in U.S. dollars for the 12 months that ended on June 30, 2026.

(Note: Nscale Ltd. filed its F-1 for its IPO without disclosing the terms. Estimated proceeds are $100 million, a placeholder figure. Some Wall Street pros have projected that Nscale Ltd. could raise as much as $2 billion when it goes public.)