Nscale Files for IPO at $35 Billion Valuation

Nscale, a two-year-old Nvidia-backed neocloud, filed for a New York IPO at a valuation of up to $35 billion. The London-based company posted a $1.02 billion net loss for the six months to June 30, 2026, and management flagged substantial doubt about its ability to continue as a going concern. Nvidia is taking $1 billion in convertible notes in a $3.1 billion round.