UK AI cloud firm Nscale files for IPO, with revenue heavily tied to Microsoft and Anthropic

Nscale’s IPO will test Wall Street’s appetite for concentrated AI bets once again

UK-based AI data center developer Nscale is going public, but 77% of its 2025 revenue came from just two customers: Microsoft and Anthropic. It posted $182M in revenue and a $103M net loss last year. The IPO will test whether public markets accept a concentrated-customer AI infrastructure bet. The filing doesn't disclose target raise or valuation range.

Why it matters: Nscale's IPO is a meaningful signal for AI infra, with hard numbers on concentration and losses, but no pricing or valuation disclosed yet. H and K hit, R is weak—right at the featured threshold.