Nscale, an AI cloud provider backed by Nvidia, has filed for an initial public offering in the US. The London-based firm is reportedly targeting a valuation of up to $35bn as it seeks to capitalise on the increasing demand for AI infrastructure.
The group plans to list on the New York Stock Exchange while maintaining its British domicile. Alongside its US listing, Nscale will also launch a retail offering, allowing UK investors to purchase shares via Retailbook.
In the first half of the year, Nscale reported a net loss of $1bn on revenues of $141m, with non-cash charges accounting for the majority of these losses. The company was valued at approximately $14.6bn in a funding round in March, which included investments from Nvidia, Dell, and Nokia.
Nscale, founded in 2024, has rapidly expanded, doubling its London office space last month to accommodate 300 additional staff. The firm's data centres were running approximately 25,000 graphic processing units under contracts worth $2.6bn at the end of August.