Nscale seeks up to $35 bn valuation in US IPO as AI infrastructure demand surges

Nscale, an AI cloud provider backed by Nvidia, filed paperwork for a US IPO targeting a valuation of up to $35 bn and will also offer a retail share product for investors in the United Kingdom via Retailbook. The company, whose board features former deputy prime minister Nick Clegg and former Meta executive Sheryl Sandberg, posted a net loss of $1 bn against $141 m of revenue in the first half of the year, with most of the loss stemming from non-cash items.

In a March financing round led by Norwegian energy group Aker and 8090 industries, Nscale was valued at roughly $14.6 bn, with participation from Nvidia, Dell and Nokia. The firm will list on the New York Stock Exchange while retaining its British domicile and has recently doubled its London office space to accommodate 300 additional employees. Originating from a 2024 spin-out of Australian bitcoin miner Arkon Energy, Nscale has been praised by Nvidia CEO Jensen Huang as a "national champion for the UK" and benefits from a £500 m investment pledge from Nvidia.

Its data centres now operate about 25,000 GPUs under $2.6 bn of contracts, and Nvidia plans to deploy 436,000 chips under $101 bn of agreements with Nscale. The company also secured a six-year, up-to-$45 bn capacity-rental deal with Anthropic for its West Virginia data centre.