London AI hyperscaler Nscale Files for US IPO seeking up to $35 billion valuation
London-headquartered AI data center operator Nscale has officially filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to list on the New York Stock Exchange under the ticker NSCL. The public filing confirms rumors of the company's public debut, with market sources estimating the offering could seek a valuation of up to $35 billion and raise as much as $3 billion in fresh capital.
The listing represents one of the most high-profile public offerings for specialized artificial intelligence infrastructure with backing from Goldman Sachs, JPMorgan Chase, and Morgan Stanley, among others.
Massive Backlog and Multi-Gigawatt Power Pipeline
Nscale, spun out of a cryptocurrency mining business in early 2024, has rapidly transformed into a vertically integrated AI cloud provider, securing land, behind-the-meter power generation, liquid-cooled facility designs, and GPU fleets.
The company's prospectus reveals an extraordinary expansion in commercial backlog, with total contracted contract value reaching $103.4 billion as of August 2026. That is up from $38 billion at the end of 2025. Nscale currently controls access to more than 10 gigawatts of power capacity across 17 active and contracted data center sites spanning the U.S., Norway, Portugal, the UK, Iceland, and Indonesia.
Anchor commercial commitments underpinning the listing include:
Anthropic Partnership: A landmark agreement worth up to $45 billion over six years to rent capacity at Nscale's flagship 2,250-acre Monarch Compute Campus in West Virginia.
Microsoft Agreement: Multi-year hosting statements of work valued at up to $43.8 billion to supply high-density GPU infrastructure.
Figure AI & Enterprise Fleet: A preferred infrastructure deal supporting up to 100,000 graphics processors for humanoid robotics development.
Deep Strategic Ties to Nvidia
Nscale's public filing highlights a complex, multi-layered financial and operational relationship with Nvidia. Beyond serving as Nscale's primary compute hardware vendor, Nvidia holds a greater than 5% equity stake through warrants issued during prior funding rounds.
The prospectus discloses that Nvidia has invested over $2 billion directly into Nscale, including $1 billion in newly subscribed convertible notes. Additionally, it has signed a $1.2 billion capacity lease agreement and is guaranteeing $860 million of Nscale's lease obligations for a 200-megawatt facility in Ward County, Texas.
Rapid Revenue Growth Paired with Heavy Infrastructure Capital Expenditures
Financial statements included in the prospectus illustrate both the explosive demand for AI compute and the immense capital required to scale data center footprints. For the first six months ended June 30, 2026, Nscale reported revenue of $140.6 million - a 1,252% increase from $10.4 million in the same period a year earlier.
However, net losses widened to $1.02 billion (up from $368.9 million in H1 2025), largely driven by non-cash charges and aggressive upfront spending on specialized hardware, land acquisition, and grid interconnects.
The filing arrives as global public equity markets navigate shifting investor sentiment around AI infrastructure capex cycles, positioning Nscale's NYSE debut as a critical test of public market appetite for pure-play AI hyperscalers.
