Nscale files for AI infrastructure stock-market listing
The British company is targeting the New York Stock Exchange, but has yet to set the price and size of the offering.
AI infrastructure company Nscale has filed a registration statement for a stock-market flotation in the United States. The company is targeting a listing on the New York Stock Exchange, while analysts and market media have discussed a possible valuation of up to $35 billion.
Nscale announced on 18 September that it had filed a registration statement on Form S-1 with the US Securities and Exchange Commission. The company intends to offer ordinary shares and list them on the New York Stock Exchange under the ticker NSCL.
The flotation has not yet been definitively priced. Nscale says that the number of shares offered and the price range have yet to be determined. Any valuation of $35 billion is therefore a target or market estimate, not an established market value.
According to The Cap Table, Nscale was valued at approximately $14.6 billion in a private financing round in March. The publication also reports that the company recorded revenue of approximately $141 million in the first half of 2026, against a loss of approximately $1 billion. Part of that loss is reportedly related to non-cash charges.
Nscale provides computing power and data-centre infrastructure for artificial intelligence. The company has expanded rapidly in a short time and works with major technology companies and chipmakers, among others. In its own communications, Nscale presents the flotation as part of further growth in its GPU and data-centre operations.
The move shows how substantial the financing needs of AI infrastructure companies are. Data centres require significant capital for land, electricity, cooling, grid connections and specialised chips. A stock-market listing can provide access to new capital, but also makes the company dependent on public investors and subject to stricter reporting.
Important questions remain open for investors. The definitive valuation, number of shares, price, profitability and risks relating to energy use and customer concentration will have to emerge from subsequent SEC filings. The announcement is therefore primarily an important procedural step, not evidence that the flotation will succeed at the stated valuation.
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The stock-market registration and the uncertainty over the price and size have been confirmed by Nscale. The financial figures and possible valuation come from independent reporting and have been attributed as such.
- confirmed Nscale has filed a Form S-1 registration statement and intends to list on the NYSE under the ticker NSCL. — This is stated in Nscale's press release. source
- confirmed The price range and number of shares offered have not yet been determined. — Nscale explicitly states this. source
- confirmed Nscale may be targeting a valuation of up to $35 billion. — The Cap Table reports this target valuation; it is not a definitive market value. source
Editor's note
The registration and proposed NYSE listing have been confirmed by Nscale. The $35 billion valuation is not yet an established market value; the financial figures and market estimates have therefore been carefully attributed.Sources
More on this in Dutch media
- De Telegraaf — „nscale kunstmatige intelligentie”
- de Volkskrant — „nscale kunstmatige intelligentie”
- NOS — „nscale kunstmatige intelligentie”