Nvidia-backed AI cloud provider Nscale has filed to go public in the US, targeting a valuation of up to $35bn just two years after it was spun out of a crypto mining group. The London-headquartered company, led by founder Josh Payne, reported a net loss of $1bn on revenues of $141mn in the first half of the year.

Nscale raised $2bn in March at a $14.6bn valuation, with backing from Nvidia, Dell, and Nokia. Ahead of its IPO, it has raised a total of $3.7bn in equity and more than $5bn in debt. The company will list on the New York Stock Exchange while maintaining its British domicile and employ about 450 people in the UK.

Nscale has won big contracts with Microsoft and Open AI, and signed a landmark deal with Anthropic worth up to $45bn over six years. However, Anthropic's CEO Dario Amodei recently called for an industry slowdown in AI development, sparking a sell-off among AI infrastructure stocks. Nscale's filing comes after Holtec International pulled its planned IPO over similar concerns.