TL;DR

Nscale, the London-headquartered AI cloud provider backed by Nvidia, has filed to list on the New York Stock Exchange. Its prospectus shows first-half 2026 revenue of £104m ($140.6m), up from £7.7m ($10.4m) a year earlier, and a net loss that nearly trebled to £755m ($1.02bn). A single customer provided 52% of that revenue.

The numbers behind the pitch

Earlier this month, Nscale was telling investors about £76bn ($103bn) of contracted revenue ahead of a possible listing. The filing now sets its reported financials beside that headline. Revenue growth of 1,252% is striking, but it comes from a small base, and the loss for the six months to 30 June compares with £273m ($368.9m) in the same period of 2025.

Concentration is the obvious risk. One customer supplied more than half of first-half sales, and the prospectus names Microsoft and Anthropic as expected major customers in future periods. The biggest win this year was Anthropic’s £33bn ($45bn) agreement to rent capacity at Nscale’s West Virginia campus, reported last month.

Nscale says it operates across 14 regions with more than 10 gigawatts of power in its pipeline. This week it also agreed to sell £2.3bn ($3.1bn) of convertible bonds, £740m ($1bn) of them to Nvidia.

Valuation and market mood

CNBC reported the company is aiming for a valuation of about £22bn ($30bn), roughly double the £10.8bn ($14.6bn) it was valued at in March. Morgan Stanley, Goldman Sachs and J.P. Morgan are running the offering, and the shares would trade as NSCL.

Matt Kennedy of Renaissance Capital told Reuters the market can absorb AI infrastructure deals, “but it’s nothing like the euphoria of a few months ago”. In his view neocloud operators are faring better than the AI infrastructure names “that sit further up the supply chain”, with Nebius raising prices and CoreWeave signing contracts at higher rates.

Looking forward

The listing tests whether investors will fund heavy losses on the strength of contracted revenue, after frontier lab chiefs called for a development slowdown earlier this month. For the UK, it is also a reminder of where British AI infrastructure companies go to raise capital at this scale: a London-based firm with a West Virginia anchor customer is choosing New York. Watch the final pricing, and how much of the £76bn book converts into recognised revenue over the next few reporting periods.

Sterling figures converted at about $1.35 to the pound.