AI chip rental company Nscale is seeking to go public at an estimated $35 billion valuation, according to its previously filed listing documents. The relatively small and recently established neocloud entrant has grown rapidly over the past year and says its contracted-revenue backlog is comparable to that of established rival CoreWeave. Nearly all of Nscale’s roughly $103 billion in contract commitments, however, depend on data centers that have not yet been built. Some projects also have not secured all of the funding required for construction, creating a significant execution risk behind the proposed listing.