London-based data center operator Nscale has officially submitted its listing application to the US Securities and Exchange Commission, seeking to raise up to $3 billion in New York to expand the infrastructure scale needed to support AI computing demand.
Nscale, spun off from a cryptocurrency mining operation in early 2024, has quickly risen to become a leading player in the AI infrastructure space.
According to the prospectus, as of August 2026, Nscale owns and controls more than 10 gigawatts of power capacity across its data centers, with total contracted value of approximately $103 billion. Its partners include NVIDIA and Microsoft.
The latest financial data shows revenue climbing rapidly, but losses widening in tandem.
For the six months ending June 30, Nscale generated revenue of $140.6 million with a net loss of $1.02 billion, compared to revenue of just $10.4 million and a net loss of $368.9 million in the same period last year. The combination of high-speed growth and substantial capital expenditure highlights the typical characteristics of the AI infrastructure sector and will be a core issue for investors evaluating this IPO.
This year, AI infrastructure momentum has driven a sustained recovery in global new share issuance. According to Bloomberg data, total IPO financing since the start of the year has reached $161.4 billion, the highest level since 2021. If Nscale completes its listing successfully, it will become another landmark case in this wave.
From crypto mining to AI computing hub
Nscale was carved out of a cryptocurrency mining operation in early 2024, immediately transitioning into a "neocloud" operator that rents computing resources to AI development firms. In just over a year, the company has become one of the most closely watched emerging forces in the AI data center sector.
In March of this year, Nscale completed a Series C funding round led by Aker ASA and investment firm 8090 Industries, with participation from NVIDIA and Nokia, valuing the company at approximately $14.6 billion.
The prospectus shows that Aker, Sandton Capital Partners, and a trust fund associated with Payne each hold more than 5% equity in the company.
Nscale's board lineup is also notable, featuring former Meta executive Sheryl Sandberg and Nick Clegg, who previously served as UK Deputy Prime Minister.
Anthropic commits $45 billion in leasing agreements
Nscale positions its primary facilities as "hyperscale AI hubs" across Norway, Portugal, and the US states of Texas and West Virginia, with each site delivering over 200 megawatts of installed power.
Among these, the flagship Monarch computing campus in West Virginia is the largest. The prospectus reveals the site spans approximately 2,250 acres, with total power capacity expected to reach 2 gigawatts when production begins in the first half of 2028, with plans to expand to around 8 gigawatts by 2031.
In August, AI startup Anthropic announced it had agreed to spend $45 billion to lease AI cloud computing resources from the Monarch campus.
In the Nordic region, Nscale agreed in April to add more than 30,000 NVIDIA chips to its existing lease at Microsoft's Narvik facility in Norway.
NVIDIA holds over 5% stake
NVIDIA's role in this IPO is particularly critical, serving as a shareholder, supplier, and potentially a major creditor.
The prospectus shows that Nscale issued warrants to NVIDIA during its Series B financing, making the latter a shareholder with a stake exceeding 5%, though the shares held by NVIDIA carry no voting rights.
Additionally, Nscale signed a subscription agreement on September 15, agreeing to issue $2.1 billion in unsecured convertible loan notes to investors, along with an additional $1 billion in unsecured convertible loan notes or non-voting shares to NVIDIA, with the latter portion scheduled to close on November 16.
However, the prospectus also acknowledges in its risk factors section that the company's GPU supply is highly dependent on NVIDIA, and the deep binding between the two parties constitutes a potential concentration risk.
Acquiring software startup Anyscale
Beyond hardware computing expansion, Nscale is seeking to extend into the software layer to improve customer efficiency in using AI computing resources.
In July, Nscale announced the acquisition of San Francisco-based software startup Anyscale for $1.65 billion, aimed at helping clients more effectively utilize AI computing power.
This acquisition marks a strategic shift from a pure infrastructure provider to a comprehensive AI computing services company.
Goldman Sachs, JPMorgan, and Morgan Stanley are serving as lead underwriters for this IPO, with 19 additional banks participating in the deal. Nscale shares are expected to list on the New York Stock Exchange under the ticker symbol NSCL.
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