Nscale’s NYSE IPO tests concentrated AI contracts and financing

Nscale seeks about $3 billion in an NYSE IPO at a reported $35 billion valuation, with new convertible financing and highly concentrated AI customers.

British AI neocloud Nscale, spun out of Australian miner Arkon Energy about two years ago, plans a New York Stock Exchange IPO seeking about $3 billion at a reported $35 billion valuation. Its filing cites more than $103 billion of contracts, about 85% tied to a Microsoft compute deal worth $43.8 billion through 2033 and a $44.6 billion Anthropic agreement that depends on financing and milestones Anthropic can cancel. For the six months ended June 30, revenue was $140.6 million versus $10.4 million a year earlier, while net losses rose to $1.02 billion from $369 million. Financing figures differ by source: a Sept. 22 account said Nvidia agreed to $1 billion of convertible debt within a $3.1 billion financing, while a Sept. 25 report said Nscale secured $3.36 billion in convertible notes led by Third Point, with $2.36 billion available immediately and $1 billion from Nvidia in mid-November converting to equity at the IPO. Customer concentration also differs in framing: TechCrunch emphasizes the Microsoft and Anthropic contract share, while The Decoder says ByteDance was left out of the main prospectus despite 73% of 2025 revenue from Nvidia B200 use in Norway and is expected to drop below 20% this year. Nscale operates or is building sites in Norway, Portugal, Texas, and West Virginia.

• British neocloud Nscale, spun out of Australian miner Arkon Energy about two years ago, plans an NYSE IPO seeking about $3 billion at a reported $35 billion valuation.
• Its filing cites more than $103 billion of contracts, about 85% from a Microsoft deal worth $43.8 billion through 2033 and a $44.6 billion Anthropic agreement contingent on financing and milestones Anthropic can cancel.
• Revenue for the six months ended June 30 was $140.6 million, versus $10.4 million a year earlier; net losses rose to $1.02 billion from $369 million.
• On Sept. 25, Nscale announced $3.36 billion of convertible notes led by Third Point: $2.36 billion available immediately and $1 billion from Nvidia in mid-November, converting at the IPO. An earlier report described Nvidia’s $1 billion as…
• The Decoder says ByteDance, Nscale’s largest customer, was omitted from the main prospectus despite 73% of 2025 revenue, using Nvidia B200 chips in Norway; Nscale expects that share to fall below 20% this year.
• Nscale operates sites in Norway, Portugal, Texas, and West Virginia, with campuses underway in Norway and West Virginia.