Originally published on AI Tech Connect.
What the filing shows, in plain English On 18 September, Nscale, the London-headquartered AI cloud and data-centre company, filed a Form S-1 with the US Securities and Exchange Commission for a proposed initial public offering on the New York Stock Exchange under the ticker NSCL. Share count, price range, valuation, raise size and listing date are undisclosed; the registration is not yet effective. Goldman Sachs, J.P. Morgan and Morgan Stanley lead the bookrunning, per CNBC; 24/7 Wall St counts 23 underwriters in total. Founder and chief executive Josh Payne plans to re-register the business as Nscale plc before listing. Two weeks ago, in our earlier analysis, we argued the then-rumoured $51bn backlog was a promise rather than revenue, and estimated a $400m to $500m annualised run-rate.…
