Nscale, Backed by NVIDIA Investment, Pursues U.S. Listing with 42 Trillion-Won Valuation Target

[Financial News] Nscale, a U.K.-based artificial intelligence (AI) cloud infrastructure company backed by NVIDIA Corporation, is pursuing a listing on the U.S. stock market.
On July 18 local time, Nscale filed an application with the United States Securities and Exchange Commission (SEC) to list on the New York Stock Exchange (NYSE). Its ticker symbol is 'NSCL', while the number of shares to be offered and the desired offering price range have not yet been determined.
Nscale is a cloud infrastructure company that secures data centers, power, and NVIDIA Corporation graphics processing units (GPUs) to provide businesses with AI computing resources.
Revenue in the first half of this year reached $140.6 million (about 195 billion won), more than 13 times the $10.4 million recorded during the same period last year. However, its net loss increased sharply from $368.9 million to $1.02 billion as the company expanded its operations.
NVIDIA Corporation recently became a major investor by purchasing $1 billion of the $3.1 billion in convertible bonds issued by Nscale. Through the listing, Nscale is reportedly targeting a valuation of approximately $30 billion (about 42 trillion won).
Goldman Sachs, JPMorgan Chase, Morgan Stanley, and others will serve as lead underwriters. 

[email protected] Yoon Hong-jip Reporter