[UK's 'Oracle Equivalent' Backed by Nvidia Races for U.S. IPO, Targeting $35 Billion Valuation] Odaily Planet Daily reports that UK-based AI cloud service provider Nscale, backed by Nvidia, has submitted an S-1 registration statement to the U.S. SEC, aiming to list on the NYSE with a target valuation of up to $35 billion. Nscale was spun off from a cryptocurrency mining company in 2024. Nvidia serves as its GPU supplier, customer, and investor, having invested over $2 billion in the company and signed a $1.2 billion capacity leasing agreement.