In the autumn of 2026, Nscale — an AI cloud provider carrying the imprimatur of Nvidia's backing — stepped toward the public markets, filing paperwork that transforms a private infrastructure bet into a shared one. The move arrives at a moment when the foundational layer of the AI economy, the data centers and processors beneath the visible applications, has become as coveted as the technologies it supports. That a startup in this space can credibly pursue an IPO speaks to how completely the infrastructure of intelligence has captured the financial imagination.