AI infrastructure firm Nscale has opted for a US stock market listing, reportedly targeting a valuation of as much as $35bn. The Nvidia-backed company filed for its initial public offering on Friday, choosing the New York Stock Exchange over London.
Despite this decision, Nscale has committed to keeping Britain at the core of its global expansion. The London-headquartered company intends to remain UK-domiciled, with its ultimate parent staying in Britain.
A source close to the company indicated that the US market offers a deeper pool of capital and more investors with specialist understanding of AI infrastructure. Nscale believes its UK base can be developed into an export hub for computing power, with British-based employees building and operating systems for international clients.
The firm is also making its British domicile a part of its commercial strategy, particularly as European governments increasingly seek to build and control their own AI infrastructure. Nscale expects to open its IPO to ordinary British investors through a UK retail offer, allowing participation on the same pricing terms as institutions.