Nscale, a London-based artificial intelligence infrastructure provider, plans to list on the New York Stock Exchange under ticker NSCL and is targeting a valuation of about $30 billion, below an earlier reported target of up to $35 billion that Fortune highlighted in its radar roundup. The company has filed an S-1 registration statement with the U.S. Securities and Exchange Commission and may raise approximately $3 billion, although the share count and price range remain undecided. Goldman Sachs, JPMorgan Chase and Morgan Stanley are joint lead underwriters, and UK retail investors are expected to access the offering through RetailBook. Nscale describes itself as a vertically integrated AI infrastructure company combining majority-owned data centers, Nvidia GPU rentals, software and power capabilities. Spun off from renewable-energy Bitcoin mining company Arkon Energy in 2024, it has expanded into AI computing for developers and large technology companies. Nscale reports total contract value of up to $103.4 billion, including $56.4 billion in remaining performance obligations. Nvidia is simultaneously a supplier, customer and investor, with more than $2 billion invested, a $1.2 billion capacity agreement and $860 million in guaranteed Texas lease obligations. First-half revenue rose 1,252% year over year to $140.6 million, while net loss widened to $1.02 billion. Anthropic signed a six-year compute-leasing agreement valued at up to $45 billion, while Nscale also counts OpenAI, Microsoft and Figure AI among its customers. The planned listing comes as investors assess whether large AI infrastructure contracts can produce sustainable cash flow.