Nscale, a U.K. AI cloud services provider backed by Nvidia, has filed an S-1 registration statement with the U.S. SEC and plans to list on the New York Stock Exchange. According to Odaily, the company is seeking a valuation of up to $35 billion.

Nscale was spun off from a cryptocurrency mining company in 2024. Nvidia is its GPU supplier, customer, and investor, and has invested more than $2 billion in the company and signed a $1.2 billion capacity lease agreement.