Nscale Files for U.S. IPO with Reports of $35B Valuation Target

London-based, Nvidia-backed AI data-center and neocloud provider Nscale has publicly filed for a U.S. initial public offering and plans to list on the New York Stock Exchange under the symbol NSCL. The filing does not specify the number of shares, price range, deal size or timetable, though reports indicate Nscale could seek to raise up to $3 billion and target a valuation as high as $35 billion; those figures are not confirmed in the filing. Nscale reported $140.6 million in revenue and a $1.02 billion net loss in the first half of 2026, compared with $10.4 million in revenue and a $368.9 million loss a year earlier, with much of the latest loss reflecting non-cash charges. Spun out of a cryptocurrency-mining infrastructure group in 2024, the company has raised billions from investors including Nvidia, Dell, Nokia and Aker, operates data centers with about 25,000 active GPUs under contract, and has partnerships with Nvidia, Microsoft and Anthropic. Goldman Sachs, JPMorgan and Morgan Stanley are among the lead underwriters; Nscale plans to remain British-domiciled and offer UK retail investors access to the IPO. The listing comes as the company expands data-center capacity to meet demand for AI infrastructure despite concerns about profitability and a potential slowdown in AI investment.