{
  "id": 8651630,
  "title": "Nscale files for $35bn US listing",
  "url": "https://urgent.news/2026/09/20/nscale-files-for-35bn-us-listing",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-20T08:46:32.000Z",
  "source": {
    "name": "City AM",
    "slug": "city-am",
    "url": "https://www.cityam.com/nscale-files-for-35bn-us-listing/"
  },
  "original_language": "en",
  "account": "Nscale, an AI cloud provider backed by Nvidia, has filed for an initial public offering in the US with the aim of capitalizing on the growing demand for infrastructure. The company is targeting a valuation of up to $35 billion, according to sources close to the matter. In addition to the US listing, Nscale will also offer shares to UK investors through Retailbook.\n\nThe London-based firm, which includes former deputy prime minister Nick Clegg and Meta executive Sheryl Sandberg on its board, reported a net loss of $1 billion on revenues of $141 million in the first half of the year. The primary cause of the losses was attributed to non-cash charges. In March, Nscale was valued at approximately $14.6 billion in a funding round led by Norwegian energy group Aker and 8090 industries, with participation from Nvidia, Dell, and Nokia.\n\nNscale will list on the New York Stock Exchange while maintaining its British domicile. The company doubled its London office space last month, providing capacity for an additional 300 staff members. Nscale's rapid growth has occurred just two years after its founding, following a spin-off from Australian bitcoin mining infrastructure group Arkon Energy in 2024. The company has been endorsed by Nvidia CEO Jensen Huang, who has labeled it a \"national champion for the UK.\" Nvidia has pledged to invest £500 million into Nscale.\n\nAs of August, Nscale's data centers are operating approximately 25,000 graphic processing units under contracts worth $2.6 billion. Nvidia plans to deploy 436,000 chips under $101 billion worth of contracts with Nscale. The company's rapid growth aligns with the increasing demand for AI infrastructure, with cloud providers such as Core Weave, Crusoe, and Nscale securing major contracts with AI giants like Microsoft and OpenAI. Nscale also signed a landmark deal with Anthropic last month to rent capacity from its flagship data center in West Virginia, valued at up to $45 billion over six years.\n\nHowever, AI development has been questioned recently, with Anthropic CEO Dario Amodei calling for the industry to slow down. This call was backed by OpenAI's Sam Altman and SpaceX's Elon Musk, leading to a sell-off in AI infrastructure and semiconductor stocks due to concerns that Big Tech may reduce investment in data centers. Nuclear energy company Holtec International withdrew its planned IPO on Wednesday due to fears of a potential market slowdown.",
  "summary": "Nscale has filed for an initial public offering in the US, as it looks to tap into AI’s growing demand for infrastructure. The Nvidia backed AI cloud provider is targeting a valuation of up to $35bn, according to people familiar with the matter. The group will also launch a retail offering for UK investors, allowing [...]",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}