The Newshound

Nvidia-backed British AI firm Nscale files for NYSE listing targeting a $35bn valuation

From the Newshound archive · first published 19 September 2026 · last updated 20 September 2026.

Jensen Huang, CEO of Nvidia, which has backed Nscale as the London-founded data centre startup seeks a $35 billion NYSE valuation despite net losses of $1.02 billion in the first half of 2026.
Jensen Huang, CEO of Nvidia, which has backed Nscale as the London-founded data centre startup seeks a $35 billion NYSE valuation despite net losses of $1.02 billion in the first half of 2026.

London-founded data centre startup Nscale has filed for an IPO on the New York Stock Exchange under the ticker NSCL, seeking a valuation of up to $35 billion. Revenue surged 1,252% to $140.6 million in the first half of 2026, yet net losses nearly tripled to $1.02 billion over the same period. The company boasts a $103.4 billion total contract backlog, the bulk of it tied to a single $44.6 billion infrastructure deal with Anthropic signed last month. Goldman Sachs, J.P. Morgan and Morgan Stanley are leading the offering, with the raise potentially reaching $3 billion.

Nscale, founded in 2024, rents Nvidia GPUs to AI giants including OpenAI and Anthropic, and holds a partnership with Microsoft.

More than half of Nscale's first-half revenue came from a single unnamed customer, raising concentration risk that investors will need to weigh.

According to filings, CEO Josh Payne's compensation came close to the FTSE 100 record — a striking figure for a loss-making startup just two years old.

Moretradersunion.comNscale files for U.S. IPO targeting up to $35bn valuation - tradersunion.comTradingViewNvidia-backed Nscale Wants to Ride the AI Infrastructure Boom to Wall Street: Files for NYSE IPO - TradingViewsiliconangle.comData center builder Nscale files for IPO after multibillion-dollar Anthropic deal - siliconangle.com
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