Nscale Files for NYSE IPO Targeting $30 Billion Valuation

AI cloud infrastructure provider Nscale has filed for an initial public offering on the New York Stock Exchange under the ticker symbol NSCL. The London-based company, which rents Nvidia GPUs to major AI labs such as OpenAI and Anthropic, is reportedly targeting a valuation of approximately $30 billion, up from a $14.6 billion valuation in a funding round earlier this year.

Financial filings reveal a period of rapid growth and significant spending. Nscale reported a net loss of $1.02 billion on $140.6 million in revenue for the first half of 2026, marking a 1,252% revenue increase over the same period in the previous year. The company is backed by strategic investors including Nvidia, Dell Technologies, and Nokia. Nvidia has specifically agreed to guarantee up to $860 million of Nscale's data center lease obligations in Texas.

To support its growth, Nscale recently expanded its board to include former OpenAI executive Fidji Simo and announced plans to acquire the AI software startup Anyscale. CEO Josh Payne described the company as a vertically-integrated platform, stating the goal is to "Own the land, the power, the data center, the chips and the software." Goldman Sachs, J.P. Morgan, and Morgan Stanley are serving as lead underwriters for the offering.