The Financial Times reported that the company is seeking ‘a valuation of up to $35bn’.

UK AI infrastructure developer Nscale has filed for a US initial public offering (IPO) through a statement of registration to the country’s Securities and Exchange Commission (SEC).

The number of shares to be offered and their price range have not yet been determined, according to the company, which has applied to list its ordinary shares on the New York Stock Exchange under the ticker symbol ‘NSCL’.

The Financial Times, however, reported on Friday (18 September) that Nscale is seeking “a valuation of up to $35bn” in the IPO, citing people familiar with the matter.

Goldman Sachs, JP Morgan and Morgan Stanley will act as lead bookrunners for the proposed offering.

RBC Capital Markets, Deutsche Bank Securities and TD Securities, among others, will act as other bookrunners, while Citizens Capital Markets, Loop Capital Markets and Roth Capital Partners, among others, will act as the offering’s co-managers, Nscale said.

According to its SEC filing, the London-based AI start-up had a net loss of $1.02bn on revenue of $140.6m for the six months ending on 30 June; for the same period in 2025, it had a net loss of $368.9m on revenue of $10.4m.

“As of 31 August 2026, our infrastructure portfolio included approximately 25,000 active GPUs and 461,000 active and contracted GPUs, five active and 12 contracted data centre sites (including seven wholly-owned sites, nine co-location sites and one leased site) and approximately 1.37GW of active and contracted capacity (representing 1GW at owned sites, 200MW at leased sites and 165MW at co-location sites),” Nscale’s filing read.

It added that the company’s footprint “is concentrated in renewable-rich, low-cost power regions such as Norway, Portugal, Iceland and select locations in the United States and APAC”.

The company raised $2bn in Series C funding at a valuation of $14.6bn in March of this year. At the time, it said the money would be used to accelerate its global development of vertically integrated AI infrastructure – including GPU compute, networking, data services and orchestration software – across Europe, North America and Asia.

Nscale has AI infrastructure deployment deals with Microsoft and Nvidia; its founder, CEO and chair – Josh Payne – received total compensation in 2025 of $23.2m, according to last week’s SEC filing notice.

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