Nscale has filed publicly for a US initial public offering targeting a valuation of up to $35bn, against the roughly $14.6bn the London AI infrastructure group was worth in a March private round. The company posted a net loss of $1bn on revenues of $141m in the first half.
Nscale was spun out of Australian bitcoin mining infrastructure group Arkon Energy in 2024 and has spent two years assembling one of Europe's largest GPU estates. The company, founded by Josh Payne, is now moving to the public markets barely two years after it was established.
The filing sets a target valuation of up to $35bn. That marks a step change from March, when a private round led by Norwegian energy group Aker and 8090 Industries valued the business at roughly $14.6bn, with Nvidia, Dell and Nokia also taking part. Existing holders face dilution from the primary issuance, but at a price that would more than double the carrying value of their March entry.
Shares are expected to trade on the New York Stock Exchange under the ticker NSCL, while the group retains its British domicile. Nscale is also opening a retail tranche for UK investors through Retailbook, an unusual structure for a British-domiciled company choosing to list in New York.
The financials underline how capital-hungry the model remains. Nscale reported a $1bn net loss against $141m of first-half revenue, with the bulk of the loss attributed to non-cash charges. At the end of August the group had roughly 25,000 GPUs running under contracts worth $2.6bn, and it has signed a capacity agreement worth up to $45bn over six years. Nvidia, which has said it plans to invest £500m in the company, is expected to deploy 436,000 chips under contracts worth $101bn.
The timing is awkward. Listed AI infrastructure and semiconductor names sold off last week amid fears that hyperscalers could pare back data centre commitments, and nuclear group Holtec International pulled its own flotation. Nscale's board, which includes Sir Nick Clegg and Sheryl Sandberg, will be pricing into that.
Original source: City AM — https://www.cityam.com/nscale-files-for-35bn-us-listing/
