UK-based AI cloud company Nscale has started the process of going public in the United States. The company filed a registration statement with the US Securities and Exchange Commission (SEC) on September 18 and plans to list its shares on the New York Stock Exchange under the ticker NSCL.
The company has not yet announced the number of shares it will sell or the IPO price. Goldman Sachs, JPMorgan and Morgan Stanley are leading the offering. Reports have said Nscale could seek to raise several billion dollars and could target a valuation of up to $35 billion. However, the final IPO size and valuation have not been set.
Nscale was created in 2024 after being separated from Australian renewable energy infrastructure company Arkon Energy. The business initially focused on Bitcoin mining before shifting its focus to AI data centers and cloud computing.
Based in London, Nscale provides AI computing infrastructure by combining data centers, power, Nvidia GPUs and software. The company builds and operates data center capacity and provides computing resources to AI companies and large technology businesses.
In March, Nscale raised $2 billion at a valuation of $14.6 billion. Its investors include Nvidia, Dell Technologies and Nokia. According to its IPO filing, the company has also raised significant debt to finance its expansion.
Nvidia has a close relationship with Nscale. It is a major GPU supplier, an investor and also a customer of the company’s computing capacity.
Nvidia has invested more than $2 billion in Nscale and has agreed to lease computing capacity from the company. Nvidia has also provided financial support connected to Nscale’s data center expansion.
Nscale also identifies its dependence on Nvidia for GPUs as a business risk in its IPO filing.
Nscale’s revenue grew sharply during the first half of 2026.
For the six months ended June 30, the company reported $140.6 million in revenue, compared with $10.4 million during the same period a year earlier. That represents growth of about 1,252%.
However, Nscale also reported a net loss of $1.02 billion, compared with a $368.9 million loss in the first half of 2025.
The company is spending heavily on data centers, GPUs and other infrastructure as it expands its AI computing network.
One of the biggest numbers in Nscale’s IPO filing is its contracted business.
The company reported more than $103 billion in total contracted value, while remaining performance obligations were about $56.4 billion as of August 31.
Nscale says it has around 25,000 GPUs currently active, while signed commitments could take its total GPU deployment to hundreds of thousands of units across existing and planned data centers.
Nscale has signed a major agreement with AI company Anthropic. The six-year deal could be worth up to $45 billion and involves computing capacity at Nscale’s planned Monarch Compute Campus in West Virginia.
The company also works with major technology companies including Microsoft and OpenAI. Figure AI, a humanoid robotics company, has also committed to purchasing significant computing capacity from Nscale.
However, the company remains highly dependent on a small number of customers. More than half of its first-half 2026 revenue came from one customer, according to its IPO filing.
Nscale is also moving into AI infrastructure software.
The company agreed to acquire AI software company Anyscale for about $1.65 billion. The deal is intended to help Nscale provide software and infrastructure services alongside its computing capacity.
Nscale’s board also includes several well-known technology executives, including former Meta COO Sheryl Sandberg and former Meta executive Nick Clegg.
Nscale is entering the public market at a time when demand for AI data centers, GPUs and computing capacity remains a major focus for technology companies.
The company will compete with established cloud providers such as Amazon Web Services as well as AI-focused cloud companies including CoreWeave and Nebius.
At the same time, Nscale’s IPO filing highlights the financial challenges of building AI infrastructure. The company is generating rapidly growing revenue but is also reporting large losses while investing heavily in data centers and GPUs.
The proposed NYSE listing under NSCL will give investors a closer look at the financial performance and long-term plans of one of Europe’s rapidly expanding AI infrastructure companies. The IPO price, number of shares and final valuation will be announced later in the process.
