Nscale, a UK-based global data center and AI development services provider, filed on Friday with the SEC for an initial public offering that we estimate could raise $2.0 billion.
Nscale is a vertically integrated AI hyperscaler that assembles powered land, builds behind-the-meter generation and liquid-cooled data centers, deploys and operates the GPU fleets inside them, and runs a unified software control plane across the portfolio. Nearly all revenue comes from long-term take-or-pay contracts with hyperscalers and frontier AI labs; a smaller cloud business sells managed platform, fine-tuning and inference services to AI-native, enterprise and sovereign customers. Microsoft and Anthropic are its anchor customers, with multi-year agreements together worth up to roughly $88 billion, and it has signed Figure as a third. As of August 31, 2026, its five active data centers were all in Europe: Norway (3), Portugal (1) and Iceland (1). The twelve contracted sites that hold the bulk of its capacity were spread across the US, Norway, the UK, Iceland, Portugal and Indonesia.
The London, United Kingdom-based company was founded in 2024 and booked $163 million in revenue for the 12 months ended June 30, 2026. It plans to list on the NYSE under the symbol NSCL. Nscale filed confidentially on February 17, 2026. It had been on our Private Company Watchlist since August 2026. Goldman Sachs, J.P. Morgan, Morgan Stanley, RBC Capital Markets, BofA Securities, Deutsche Bank, Credit Agricole CIB, TD Securities, Mizuho Securities, KeyBanc Capital Markets, Cantor Fitzgerald, SMBC Nikko, WR Securities, and Nomura Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
