The UK-based AI data centre and cloud infrastructure firm Nscale has submitted the documentation to go public on the New York Stock Exchange.
In an SEC filing, Nscale proposed trading under the ticker NSCL and listed its lead bookrunners as Goldman Sachs, JPMorgan, and Morgan Stanley.
Citing people familiar with the matter, the Financial Times reported that Nscale is targeting a valuation of up to $35 billion.
In its S-1 filing, Nscale reported a net loss of $1.02 billion across the six months to June 30 2026, against combined revenue of $140.6 million.
Josh Payne, founder and chief executive of the firm, said that in just two and a half years Nscale has grown from 40 to more than 1,000 employees and a total contracted value of $103 billion.
“We serve some of the largest companies on Earth through strategic partnerships and long-term agreements,” he wrote.
“This is the foundation that funds the continued buildout of our global footprint, and we believe the opportunity ahead here is vast. With a 10 GW+ portfolio of owned and controlled power, we expect significant expansion in Nscale Infrastructure as we grow with our existing customers, and contract and scale new customers building and delivering frontier intelligence.”
Founded in May 2024 as a spin outout of the crypto mining firm Arkon Energy, Nscale has quickly become a leading UK hyperscaler. It is heavily involved in multiple gigawatts of data centre capacity including OpenAI’s Stargate Norway and stalled Stargate UK as well as Microsoft projects across the UK, EU and US such as a planned supercomputer cluster in Loughton, Essex.
All of these sites are still yet to be built, with the Essex site having been announced in September 2025 but still operating as a scrap metal yard as of March 2026 per reporting by the Guardian.
