Nscale vs Together AI

Nscale's IPO tests Wall Street's appetite for concentrated AI bets

British neocloud Nscale is preparing for an IPO on the NYSE, aiming for a $35 billion valuation and raising $3 billion. The company, spun out of Arkon Energy two years ago, has amassed over $103 billion in contracts, but 85% of that is tied to two customers: Microsoft ($43.8 billion) and Anthropic ($44.6 billion). Anthropic's deal is contingent on Nscale securing financing and meeting stringent milestones. Nscale reported revenue of $140.6 million for H1 2026, with net losses of $1.02 billion. The IPO will test investor appetite for companies with high customer concentration, a trend highlighted by a Sona Asset Management paper. Competitors include CoreWeave, Nebius, Lambda, and Crusoe.

• Nscale plans to list on NYSE with a target valuation of $35 billion.
• The company seeks to raise $3 billion in its IPO.
• Nscale has $103 billion in contracts, with 85% from Microsoft and Anthropic.

Nscale Files for US IPO Targeting $30B Valuation

British AI infrastructure company Nscale has filed its IPO prospectus with the US SEC, aiming to list on the New York Stock Exchange under the ticker 'NSCL'. The company seeks a valuation of around $30 billion, as reported by CNBC via Reuters, a significant jump from its last private round valuation of $14.6 billion. Nscale, which transitioned from Bitcoin mining to AI compute, reported first-half 2026 revenue of $140.6 million, a 1,252% increase, but also a net loss of $1.02 billion. Its order book stands at $103.4 billion, with Microsoft and Anthropic contracts totaling $88.4 billion. The company recently secured $3.1 billion in convertible notes, with Nvidia as a key investor. Nscale faces high customer concentration, a going-concern note, and dependence on a few suppliers. Goldman Sachs, J.P. Morgan, and Morgan Stanley are lead underwriters.

• Nscale filed an IPO prospectus with the SEC to list on the NYSE under the ticker 'NSCL'.
• Targeted valuation is approximately $30 billion.
• First-half 2026 revenue was $140.6 million, up 1,252% year-over-year; net loss was $1.02 billion.

Nscale Files Registration Statement for Proposed Initial Public Offering

Nscale has filed a registration statement for a proposed initial public offering, as announced on September 18, 2026.

Together AI Product Team Shares AI-Native Workflow Stack

Together AI's product team, including CPO Charles Zedlewski and PMs Necoline Hubner and Pavneet Ahluwalia, outlined their AI-native product development stack in a podcast. The stack comprises four components: a shared context repository accessible by any AI harness, skills for feature research and PRD writing, an orchestrator for leadership, and agent evals. The team emphasizes collective productivity over individual gains, using multiple models like GLM and Kimi instead of relying solely on Anthropic. They validate products through agent-based tests, checking if AI agents can complete tasks using their documentation and API. The article also highlights Together AI's $8.3 billion valuation from its Series C round.

• Together AI is valued at $8.3 billion.
• Together AI's product team uses a four-component AI-native stack: shared context repo, skills, orchestrator, and agent evals.
• The team uses multiple AI models (e.g., GLM, Kimi) rather than only Anthropic's models.

2026 EU-Hosted LLM Inference Provider Comparison

This article compares European providers for running open-source large‑model inference inside the EU, focusing on data residency, pricing models, model choice, integration effort, and scaling. It reviews Lyceum, Scaleway, IONOS, STACKIT (Schwarz Group) and Mistral, summarizing strengths and weaknesses: Lyceum is presented as a pay‑per‑token, OpenAI‑compatible serverless option with EU residency and training VMs; Scaleway offers Paris‑hosted serverless inference with a free first‑token tier; IONOS targets German customers with hosted models plus built‑in RAG/vector DB; STACKIT emphasizes sovereignty and compliance for regulated DACH enterprises; and Mistral offers its own in‑house models (many released as open weights) as a managed vendor solution. The piece recommends trialing multiple providers to compare real cost and latency on your workload.

• The article compares EU-hosted inference options for open-source models, focusing on Lyceum, Scaleway, IONOS, STACKIT and Mistral.
• Lyceum is a Berlin-based inference cloud offering serverless, pay-per-token access via an OpenAI-compatible API, EU data residency, zero-retention mode, and transparent pricing from $0.13 per 1M tokens; dedicated inference endpoints are in beta.
• Scaleway is a French cloud offering serverless pay-per-token inference (OpenAI-compatible API) hosted in Paris, with pricing examples from €0.15 per 1M tokens for gpt-oss-120b, a free first‑1M‑token tier and sub‑200ms first-token latency reported in Europe.