According to The Register, London-based neocloud Nscale has filed to go public on the New York Stock Exchange, seeking a valuation of up to $35 billion. The company, which offers AI infrastructure services, reported a $1 billion loss in the first half of 2026 despite a surge in revenue from $10.4 million to $140.6 million.

Nscale operates datacenters in Europe and the US, providing full-stack AI cloud solutions for training and running AI models. The firm's projects include an AI campus for OpenAI in Norway and the Monarch Compute Campus in West Virginia, developed with Nvidia and Microsoft. Goldman Sachs and Morgan Stanley are lead bookrunners for the offering.

Revenue for Nscale increased from $10.4 million to $140.6 million in the six months to June 30, 2026, but the company reported a net loss of $1 billion, up from $368.9 million in the previous period. Active and contracted total contract value (TCV) rose to $103.4 billion as of August 31, 2026, compared to $38 billion at the end of 2025.

The filing does not specify the number of shares to be offered, their expected price, or the exact valuation Nscale aims to achieve. The company's board includes former British deputy prime minister Sir Nick Clegg and former Meta COO Sheryl Sandberg.

Nscale's decision to list in New York rather than London reflects the deeper pool of technology-focused capital available on Wall Street, similar to Arm's listing decision. The company did not provide a reason for choosing the US exchange over London.