This is two coats, with topcoat.
The formula is really good, and I liked this a lot. There is some visible nail line at two coats, but I don't mind that. I checked before I took this off, and three coats is fully opaque. You could also paint this over a white base if you wanted an even brighter colour and no nail line.
The polish dries semi matte with a similar rubbery finish to Scorn (one of my favourite blacks) but I added topcoat for a glossy finish. Isn't this gorgeous?