Nscale, a London-based cloud infrastructure company specialising in GPU rental, has filed to list on the New York Stock Exchange in pursuit of a reported $35 billion valuation. The move underscores both the explosive growth of AI infrastructure demand and the substantial losses incurred during rapid expansion, with the company's net losses soaring to over $1 billion in just six months to June 2026. Like Arm before it, Nscale has opted for New York rather than London, citing Wall Street's deeper pools of technology-focused capital.

Revenue jumped from $10.4 million to $140.6 million in the six months to June, yet losses nearly trebled from $368.9 million to $1.02 billion over the same period, illustrating the capital intensity of building AI datacentre infrastructure. The company reports $103.4 billion in total contract value, though only $2.6 billion represents binding active contracts; roughly $44.6 billion relates to agreements with Anthropic for which financing has not yet been secured. Nscale, which emerged from cryptocurrency miner Arkon Energy, has attracted nearly two-thirds of UK datacenter infrastructure funding and operates compute facilities in Europe and the US, including projects for OpenAI and a campus in West Virginia developed with Nvidia and Microsoft.