  We study the non-critical space-time non-commutative open string (NCOS)
theory using a dual supergravity description in terms of a certain near-horizon
limit of the F1-Dp bound state. We find the thermodynamics of NCOS theory from
supergravity. The thermodynamics is equivalent to Yang-Mills theory on a
commutative space-time. We argue that this fact does not have to be in
contradiction with the expected Hagedorn behaviour of NCOS theory. To support
this we consider string corrections to the thermodynamics. We also discuss the
relation to Little String Theory in 6 dimensions.
