London-based neocloud Nscale has filed to go public on the New York Stock Exchange after expanding rapidly on the back of the AI infrastructure boom.
The rent-a-GPU business, which emerged from cryptocurrency miner Arkon Energy, filed a Form S-1 registration statement with the US Securities and Exchange Commission (SEC) on Friday. It intends to list under the ticker NSCL.
The document does not specify the number of shares it'll offer, their expected price, or the valuation Nscale hopes to achieve.The Financial Times previously reported that the company was targeting a valuation of up to $35 billion.
The filing shows how costly Nscale's expansion has been. Revenue surged from $10.4 million to $140.6 million in the six months to June 30, but 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 (TCV) as of August 31, up from $38 billion at the end of 2025. That figure is not recognized revenue or a conventional backlog: only $2.6 billion was attached to active contracts, and delivery of the remainder depends on projects being financed and built. Agreements with Anthropic account for up to circa $44.6 billion, although Nscale warned it had not secured binding commitments for the financing required to fulfill them.
Goldman Sachs and Morgan Stanley are acting as lead bookrunners for the offering.
Nscale, which operates datacenters in Europe and the US, describes itself as a full-stack AI cloud provider, offering infrastructure and software for training and running AI models.
Its board includes former British deputy prime minister Sir Nick Clegg, former Meta chief operating officer Sheryl Sandberg, and former Yahoo president Susan Decker.
As recently reported, Tracxn data shows that Nscale has attracted nearly two-thirds of the equity funding raised by UK datacenter infrastructure companies. It was also the sector's only privately held company valued at more than $1 billion.
Despite its London headquarters and prominence in Britain's AI infrastructure sector, Nscale chose New York rather than London for its proposed listing. The company did not answer our question about why it selected the US exchange.
The calculation echoes Arm's decision to list in New York: Wall Street offers a deeper pool of technology-focused capital and the prospect of higher valuations than London. ®