Nscale, the London-based GPU cloud provider, seeks a Wall Street IPO at a valuation up to $35 billion despite reported $1 billion cumulative losses.

London-based neocloud Nscale has filed to go public on the New York Stock Exchange following rapid expansion driven by the AI infrastructure boom. The company, which emerged from cryptocurrency miner Arkon Energy, submitted a Form S-1 registration statement to the US Securities and Exchange Commission on Friday and intends to list under the ticker NSCL. The filing does not specify the number of shares offered, their price, or the target valuation, though the Financial Times previously reported the company was targeting a valuation of up to $35 billion.

The filing reveals the scale of Nscale's expansion costs. Revenue surged from $10.4 million to $140.6 million in the six months to June 30, while its net loss widened from $368.9 million to $1.02 billion over the same period.

Nscale reported $103.4 billion in active and contracted total contract value as of August 31, up from $38 billion at the end of 2025. This metric is not recognized revenue or a conventional backlog: only $2.6 billion was attached to active contracts, with delivery of the remainder dependent on projects being financed and built.

Agreements with Anthropic account for approximately $44.6 billion of that contracted value, though Nscale cautioned it had not secured binding commitments for the financing required to fulfill those obligations. Goldman Sachs and Morgan Stanley are acting as lead bookrunners for the offering.

Nscale operates datacenters across Europe and the US and describes itself as a full-stack AI cloud provider, offering infrastructure and software for training and running AI models. Its projects include an AI campus announced last year for OpenAI in Norway and the Monarch Compute Campus in West Virginia, developed in collaboration with Nvidia and Microsoft.

The company's board includes former British deputy prime minister Sir Nick Clegg, former Meta chief operating officer Sheryl Sandberg, and former Yahoo president Susan Decker.

According to Tracxn data, Nscale has attracted nearly two-thirds of the equity funding raised by UK datacenter infrastructure companies and was the sector's only privately held company valued above $1 billion. Despite its London headquarters and prominence in Britain's AI infrastructure sector, Nscale selected New York over London for its proposed listing—a choice that echoes Arm's decision to pursue a New York listing. Wall Street offers a deeper pool of technology-focused capital and the prospect of higher valuations than the London exchange.