London neocloud Nscale files for NY IPO after $1B loss, seeks $35B valuation

London-based neocloud Nscale is heading to Wall Street with a New York IPO, according to a report from The Register. The rent-a-GPU firm, which has accumulated a $1 billion loss, is reportedly seeking a valuation of up to $35 billion in the listing. The filing underscores how much capital is being poured into the cloud-computing sector that rents out accelerators on demand.

The loss figure and the target valuation together paint a picture of a company betting that future demand for GPU capacity will justify its current spending. Nscale is not alone in this approach, but the scale of the loss relative to the proposed valuation is notable. The IPO would give public investors a chance to weigh in on whether the neocloud model can turn a profit.

No specific timeline or share price details were given in the report. The Register's coverage is based on unnamed sources, so the numbers should be treated as preliminary until Nscale files official documents with regulators. Still, the move signals that the neocloud sector is maturing from private funding rounds to public markets, even when the underlying business is still burning cash.