Nscale files for US listing at $35bn valuation target

Listing comes despite growing losses

British AI company Nscale has filed to list on the New York Stock Exchange, seeking a valuation of up to $35bn amid apparently surging demand for computing capacity. Most of that demand comes from just three customers.

The London-headquartered company reported a sharp increase in revenue in the first half of 2026, although its losses also widened significantly as it invested heavily in expanding its datacentre and computing infrastructure.

Nscale said revenue reached $140.6m in the six months to 30 June, up 1,252% from $10.4m during the same period a year earlier. However, the company reported a net loss of $1.02bn, compared with a $368.9m loss in the first half of 2025.

In March, it raised $2bn in a funding round that valued the company at $14.6bn. The round was led by Norwegian energy company Aker and investment firm 8090 Industries, with Nvidia, Nokia and Dell among the other backers.

As part of its IPO, Nscale also plans to offer UK retail investors the opportunity to buy shares at the same price as existing investors through investment platform RetailBook. The company will retain its British domicile while listing in New York.

Rapid expansion

Nscale has expanded rapidly despite its relatively short operating history. Spun out of Australian bitcoin mining infrastructure company Arkon Energy in 2024, it has grown into one of Europe's most heavily funded data centre groups despite renting rather than owning most of its infrastructure.

The company provides computing capacity, power infrastructure, datacentres and software for training and running AI models. It operates across 14 regions with a power pipeline of more than 10 gigawatts.

The company said it had 7MW of active computing capacity in its own datacentres and another 48MW operating in rented facilities at the end of August.

Those facilities are covered by contracts worth $2.6bn.

An additional 1.3GW of capacity is planned to fulfil contracts worth $101bn that have not yet started.

Nvidia deepens relationship with Nscale

Nvidia has become one of Nscale's most important partners. The chipmaker supplies its GPUs, is a customer and has invested more than $2bn in the company, including $1bn in convertible notes subscribed for this week.

Nvidia has also agreed to guarantee $860m of Nscale's lease obligations at a facility in Texas.

Nvidia chief executive Jensen Huang has previously described Nscale as a "national champion for the UK", while Nvidia has announced plans to invest £500m in the company.

New contracts with OpenAI and Anthropic

In August, Anthropic agreed to spend $45bn renting AI cloud computing capacity from an Nscale datacentre campus in West Virginia. Nscale estimates the project will cost about $70bn, including a 2GW natural gas power plant.

Nscale has also won contracts with Microsoft and OpenAI. Outside of that relationship NScale does not publicly disclose the names of any other customers.

In October, the company announced an agreement with Microsoft to deploy tens of thousands of Nvidia chips across new datacentres in Texas and Portugal.

"We have public market ambitions, and execution is an enormous focus of mine," Josh Payne, Nscale's CEO, said at that time.

Jon Tinter, Microsoft's President of Business Development and Ventures, said Nscale was "an ideal partner" with "deep expertise in providing AI infrastructure services at scale."

Computing says:

Nscale’s customer concentration may be a concern for investors. In H1 of 2026, 52% of NScale’s revenues came from one customer – one that NScale declines to name.

In any other sector that level of concentration, combined with NScale’s heavy reliance on leased infrastructure, contracts that won’t deliver revenue for years, and growing losses would probably be a huge red flag, but the centrality of AI to NScale’s existence make it much more likely that investors will just look past it and hope the bubble keeps inflating a bit longer.