British neocloud Nscale is preparing to list on the NYSE, where it expects to be valued at $35 billion and aims to raise $3 billion, according to the Financial Times and Bloomberg. Spun out of Australian cryptocurrency miner Arkon Energytwo years ago, the AI infrastructure provider has built up more than $103 billion in contracts, its IPO filing shows.
Around 85% of that total comes from just two customers: a $43.8 billion compute deal with Microsoft running through 2033 and a $44.6 billion supply agreement with Anthropic. The Anthropic deal depends on Nscale securing financing, and the filing describes the milestones the company must meet as stringent, with the AI lab able to walk away if they are missed.
Revenue for the six months to June 30 rose to $140.6 million from $10.4 million a year earlier, while net losses climbed to $1.02 billion from $369 million. Earlier this month, Nvidia agreed to provide $1 billion in convertible debt as part of a $3.1 billion financing package. Nscale was previously valued at $14.6 billion in a $2 billion Series C led by Aker ASAand 8090 Industries.
The company operates data centers in Norway, Portugal, Texas and West Virginia. Its board includes former Meta executives Sheryl Sandberg and Nick Clegg, along with former OpenAI executive Fidji Simo.
