Nscale, the London-based AI infrastructure company led by founder and CEO Josh Payne, filed on September 18 to list on the New York Stock Exchange under the ticker NSCL. The Financial Times reported a target valuation of up to $35 billion, and Bloomberg reported it is seeking to raise $3 billion.
For the six months ended June 30, 2026, Nscale reported a net loss of $1.02 billion on $140.6 million of revenue, according to a report on its filing. TechCrunch notes the IPO will test Wall Street's appetite for concentrated AI bets: roughly 85% of its backlog comes from a Microsoft supply deal and a roughly $45 billion, six-year Anthropic agreement. The $103 billion contracted backlog is a company figure that may not translate directly into recognized revenue.
Source: CNBC