Nscale’s planned public listing will test investor appetite for a British neocloud whose contracted revenue and business relationships are concentrated among major technology customers. The company has accumulated more than $103 billion in contracts, with about 85% tied to Microsoft and Anthropic, while a Fortune radar item separately describes the IPO as heavily dependent on ByteDance. Nscale plans to list on the NYSE at an expected $35 billion valuation and raise $3 billion. Revenue reached $140.6 million in the six months ended June 30, up from $10.4 million a year earlier, while net losses widened to $1.02 billion from $369 million. Nvidia has agreed to provide $1 billion in convertible debt as part of a larger $3.1 billion financing.