London-based neocloud Nscale has filed to go public on the New York Stock Exchange after expanding rapidly on the back of the AI infrastructure boom. The rent-a-GPU business, which emerged from cryptocurrency miner Arkon Energy, filed a Form S-1 registration statement with the US Securities and Exchange Commission on Friday. It intends to list under the ticker NSCL. The document does not specify the number of shares it will offer, their expected price, or the valuation Nscale hopes to achieve. The Financial Times previously reported that the company was targeting a valuation of up to $35 billion. The filing shows how costly Nscale's expansion has been: revenue surged from $10.4 million to $140.6 million in the six months to June 30, but its net loss widened from $368.9 million to $1.02 billion over the same period.

A rent-a-GPU business going public. Nscale is the rent-a-GPU firm, and the IPO is the event. The $1.02 billion net loss is the cost of the expansion, and the $140.6 million revenue is the income. The $103.4 billion in active and contracted total contract value as of August 31, up from $38 billion at the end of 2025, is the contracted value, but only $2.6 billion was attached to active contracts, and delivery of the remainder depends on projects being financed and built. Agreements with Anthropic account for up to around $44.6 billion, although Nscale warned it had not secured the full amount. The Anthropic agreements are the anchor, and the $103.4 billion TCV is the contracted value.

This is a neocloud going public with a large loss. The Anthropic agreements are the anchor, and the $44.6 billion is the Anthropic portion. The IPO is the event, and the $35 billion valuation target is the goal. The neocloud context is the market: a rent-a-GPU business going public on the AI infrastructure boom.

The share count, the price, and whether the $35 billion valuation is achieved. The filing does not specify the shares or the price, and the $35 billion is the target, not a confirmed valuation.

Whether the IPO completes, the valuation, and whether the $103.4 billion TCV converts to revenue. For the neocloud market, a rent-a-GPU business going public with a $1.02 billion loss is a signal of the cost of the AI infrastructure boom, and the Anthropic agreements are the anchor that makes the contracted value credible.

London neocloud Nscale filed to go public on the NYSE, seeking up to $35 billion valuation, with a net loss that widened to $1.02 billion. A rent-a-GPU business going public on the AI infrastructure boom.