Nscale, a British-Australian neocloud company specializing in building and renting AI-ready data centers, has filed for a New York IPO seeking a valuation of up to $35 billion. Founded by CEO Josh Payne and spun out of Australian crypto miner Arkon Energy in 2024, the company posted a net loss of $1.02 billion in the first six months of 2026, while Nvidia serves as its biggest chip supplier, an investor, and soon one of its largest shareholders. The GPU maker invested $1 billion in a $3.1 billion financing round and guaranteed $860.3 million of Nscale’s lease obligations in Texas.
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