Nscale, a London-based AI infrastructure provider spun out of crypto mining firm Arkon Energy around 2024, has filed for a New York listing at a proposed valuation of up to $35 billion. The company reported $140.6 million in first-half 2026 revenue, up 1,252% from a year earlier, but its net loss widened to $1.02 billion for the six months ended June 30, 2026. Management also flagged substantial doubt about its ability to continue as a going concern. Nscale says its contracted revenue backlog totals $103 billion, with average contract terms of 5.7 years, although much of the backlog is not yet firm. Anthropic represents approximately $45 billion, while Microsoft is another major customer. Nscale had about 461,000 GPUs active or under contract and a power pipeline exceeding 10 gigawatts across 14 regions as of late August. Founder and CEO Josh Payne leads the company, whose board includes former Meta COO Sheryl Sandberg, former U.K. deputy prime minister Nick Clegg and former Yahoo president Susan Decker. Nvidia is Nscale's largest supplier, an investor and a financial backer. On September 15, Nscale signed a $3.1 billion financing agreement, with Nvidia providing $1 billion through convertible notes or non-voting shares. Earlier filings also showed Nvidia bought warrants for more than 157,945 Nscale shares for $60 million and agreed to guarantee up to $860.3 million of lease obligations at a Texas facility. The arrangement highlights concerns about circular financing in AI infrastructure, as Nvidia-backed customers use financing to purchase Nvidia GPUs. Nscale's offering will test investor appetite for loss-making AI infrastructure companies and could provide a valuation reference for potential listings by Anthropic and OpenAI.