Nscale's IPO tests investor appetite for an AI cloud provider reliant on Microsoft compute and Anthropic as a key customer.

British neocloud provider Nscale is preparing to list on the NYSE, expecting a $35 billion valuation and aiming to raise $3 billion, according to the Financial Times and Bloomberg. Spun out of Australian cryptocurrency miner Arkon Energy two years ago, the AI infrastructure provider has amassed more than $103 billion in contracts, its IPO filing reveals.

The contract portfolio is heavily concentrated: approximately 85% derives from two customers alone—a $43.8 billion compute deal with Microsoft extending through 2033 and a $44.6 billion supply agreement with Anthropic. The Anthropic contract carries material execution risk; the filing describes its financing milestones as stringent, and the AI lab retains the ability to walk away if those targets are missed.

Six months to June 30, revenue rose to $140.6 million from $10.4 million in the prior-year period, while net losses widened to $1.02 billion from $369 million. Earlier this month, Nvidia committed $1 billion in convertible debt as part of a $3.1 billion financing package. Nscale's most recent prior valuation was $14.6 billion, set during a Series C in which Aker ASA and 8090 Industries led a $2 billion round.

The company operates data centers in Norway, Portugal, Texas, and West Virginia. Its board includes former Meta executives Sheryl Sandberg and Nick Clegg, as well as Fidji Simo, a former OpenAI executive.