Nscale plans $3 billion IPO valuing company at $35 billion
British AI‑infrastructure startup Nscale filed to list on the NYSE, seeking to raise $3 billion and target a $35 billion valuation, according to Bloomberg and the Financial Times. The filing shows the firm has secured more than $103 billion in contracts, but about 85% of that backlog comes from two deals: a $43.8 billion compute supply agreement with Microsoft through 2033 and a $44.6 billion…
Key points
- Nscale seeks $3 billion in IPO, targeting a $35 billion valuation (Bloomberg/FT).
- About 85% of its $103 billion contract backlog is with Microsoft ($43.8 billion) and Anthropic ($44.6 billion).
- Revenue rose to $140.6 million for six months to June 30; net loss grew to $1.02 billion.
For the six months ended June 30, Nscale reported revenue of $140.6 million, up sharply from $10.4 million a year earlier, while net losses widened to $1.02 billion from $369 million. Earlier this month Nvidia agreed to provide $1 billion of convertible debt as part of a broader $3.1 billion financing package. Competitors such as CoreWeave and Crusoe also rely heavily on a few large customers, highlighting the sector’s concentration risk. Nscale’s board includes former Meta executives Sheryl Sandberg and Nick Clegg and former OpenAI executive Fidji Simo.
The story so far
4 episodes →- Nscale plans $3 billion IPO valuing company at $35 billionthis story
Nscale’s IPO will test Wall Street’s appetite for concentrated AI bets once again
TechCrunch AI · 22 September 2026
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