Nscale Limited files for $35bn Nscale US listing
British data centre group Nscale Limited has formally filed for a US initial public offering, targeting a valuation that could reach as high as $35 billion. The London-headquartered company submitted its registration statement to the U.S. Securities and Exchange Commission (SEC) on September 18, 2026, for a proposed Nscale US listing on the New York Stock Exchange under the ticker symbol “NSCL.”
The move by the AI infrastructure and cloud platform company, founded by Joshua Payne, signals an aggressive push to capitalize on the voracious investor appetite for artificial intelligence assets. The IPO, reportedly aiming to raise between $2 billion and $3 billion, will provide the capital for Nscale’s ambitious global expansion plans as it races to build the foundational infrastructure powering the AI revolution.
A staggering valuation for the Nscale US listing
Nscale’s pursuit of a $35 billion valuation rests on a narrative of explosive growth and colossal future contracts, a story investors will have to weigh against significant current losses.
According to its S-1 filing, the company’s revenue skyrocketed an astonishing 1,252% to $140.6 million for the six months ending June 30, 2026, up from just $10.4 million in the same period a year prior. This demonstrates the incredible demand for its services.
However, this hypergrowth comes at a steep cost. The company posted a net loss of $1.02 billion for the first half of 2026, a substantial increase from the $761.8 million loss recorded for the full fiscal year of 2025.
This financial profile is common among high-growth tech firms, where the focus is on scaling and market capture rather than immediate profitability. Investors are being asked to bet on the long-term trajectory, not the current bottom line.
The real justification for the lofty valuation lies in Nscale’s contract book. The company reported a staggering $103.4 billion in active and contracted total contract value (TCV) as of August 31, 2026.
This enormous figure is anchored by massive agreements with some of the biggest names in technology, including strategic collaborations with Microsoft, worth up to approximately $43.8 billion, and AI leader Anthropic, with deals valued at up to $44.6 billion, all subject to delivery and financing conditions.
These long-term commitments, which have a weighted average life of about 5.7 years, provide a degree of predictability and a clear roadmap for future revenue. They signal that major AI players are locking in the immense computing power they’ll need for years to come, and they see Nscale as a critical partner in securing it.
The entire venture underscores the strategic importance of AI infrastructure in the current technological arms race.
Inside Nscale’s global AI infrastructure machine
Nscale defines itself as a vertically integrated, full-stack AI hyperscaler. This means it controls multiple layers of the technology stack, from acquiring low-cost power and building purpose-built data centers to deploying large-scale GPU clusters managed by a unified software plane. This integration is designed to deliver high-performance AI computing power more efficiently and at a lower cost than traditional data center models.
The company’s strategy hinges on locating its facilities in regions with abundant and inexpensive energy, particularly from renewable sources. Its current operational footprint includes five active data centers across Europe in Norway, Portugal, and Iceland.
An additional twelve sites are contracted, part of a global expansion plan that includes locations in the United States and the Asia-Pacific region. This vast network is key to serving a global client base with low-latency access to AI compute.
The scale of its hardware ambition is immense. Nscale currently has approximately 25,000 GPUs active on its platform but has contracts in place to expand this to over 461,000.
To power this, the company has secured roughly 1.37 gigawatts (GW) of capacity and has its sights set on a potential power portfolio of around 10 GW. This highlights the almost insatiable energy demands of modern AI and Nscale’s plan to meet it.
The enormous capital expenditure and geopolitical considerations involved make the strategic importance of AI infrastructure a topic of national interest.
A star-studded board and powerful backers
To steer this high-stakes venture, Nscale has assembled a board of directors featuring some of the most recognizable names in technology and politics. The board includes Sheryl Sandberg, the former Chief Operating Officer of Meta; Susan Decker, the former president of Yahoo!; and Nick Clegg, the former U.K.
deputy prime minister who now serves as an executive at Meta. The presence of such figures lends significant credibility and experience in scaling global technology operations and navigating complex regulatory environments.
The executive team is similarly seasoned, with leaders who have held senior roles at companies like Uber, News Corp, and IBM. Chief Legal Officer Phoebee Gahan, CTO David Power, Chief Product Officer Dan Bathurst, and CISO Latha Maripuri bring decades of combined experience in infrastructure, high-performance computing, and cybersecurity. This leadership bench is crucial for executing on the company’s complex operational and financial strategy.
Nscale also boasts the backing of the single most important company in the AI hardware space: Nvidia. The chipmaking giant is not just a supplier but an investor, having recently participated in a $3.1 billion convertible bond sale that included a $1 billion commitment from Nvidia itself.
This backing is a powerful endorsement of Nscale’s model and provides it with a strategic partner at the heart of the AI ecosystem.
The strategic choice of a new york listing
Nscale’s decision to list in the U.S. instead of its home market in London is a significant one, reflecting a broader trend among ambitious British and European tech companies. The New York Stock Exchange and Nasdaq offer access to the world’s deepest capital markets, a larger pool of tech-focused investors, and typically higher valuations for growth companies compared to European exchanges.
While the move is a blow to the London Stock Exchange, which has struggled to attract and retain major tech IPOs, Nscale is making a concession to its British roots. The company has stated it will maintain its British domicile and London headquarters.
Furthermore, it plans to launch a retail offering for UK investors through the RetailBook platform, allowing them to purchase shares at the same price as institutional shareholders, a move aimed at fostering broader participation.
The IPO is being handled by a who’s who of Wall Street. Goldman Sachs, J.P. Morgan, and Morgan Stanley are acting as lead book-running managers, with a lengthy list of other major banks also participating. This strong syndicate reflects high confidence from the financial industry in the deal’s success.
The company’s formal filing with the SEC is the first public step in a process that will be closely watched by the entire technology and investment world.
From bitcoin mining to AI hyperscaling
Nscale’s origins lie not in AI but in the world of cryptocurrency. The company was spun out of Arkon Energy, an Australian bitcoin mining infrastructure group, in 2024. This pivot reflects a strategic shift from one power-intensive computing application to another, far larger one.
The expertise gained in sourcing cheap power and managing large-scale, high-density computing facilities for crypto mining provided a natural foundation for building an AI infrastructure business.
This transition was fueled by substantial capital. Prior to its IPO filing, Nscale had already raised $3.7 billion in equity and over $5 billion in debt.
A Series C funding round in March 2026 valued the company at $14.6 billion, showing its valuation has more than doubled in just six months leading up to the IPO. This rapid appreciation underscores the intense investor competition to get a piece of the AI infrastructure boom.
As Nscale prepares for its public debut, it faces the dual challenges of executing its massive construction and deployment schedule while navigating increasing compliance and regulatory scrutiny. The number of shares to be offered and the price range have not yet been determined, but with its public filing, Nscale has officially fired the starting gun on what is poised to be one of the largest and most consequential tech IPOs of the year.