Nscale, Backed by Nvidia, Targets $35B Valuation with NYSE IPO Filing

London-based AI cloud giant, Nscale, has filed its Form S-1 registration statement with the U.S. Securities and Exchange Commission. The filing, made on September 18, 2026, paves the way for what could be one of the most eagerly awaited tech IPOs of the year. Nscale plans to list on the New York Stock Exchange under the ticker symbol “NSCL”. Reports suggest that the company could aim for a valuation of up to $35 billion and raise as much as $3 billion in new capital.

The financials of Nscale paint a picture of a rapidly growing AI infrastructure company that is burning cash at a significant rate. The company reported an astonishing 1,252% surge in revenue in the first half of 2026, with revenue reaching $140.6 million. This is a significant increase from just $10.4 million a year earlier. However, the company also reported a net loss of $1.02 billion for the same period.

Nscale operates five active data centers with 25,000 active GPUs, and an additional 461,000 either active or under contract. The company leases Nvidia GPUs to leading AI clients, including OpenAI, Anthropic, and Microsoft. The total contracted value exceeds $103 billion. Nscale’s investors include Nvidia, Dell, Blue Owl, and Fidelity. The lead underwriters for the offering are Goldman Sachs, J.P. Morgan, and Morgan Stanley.

Source: CNBC — AI cloud provider Nscale files to go public