Nscale Files for U.S. IPO, Seeks Up to $3 Billion

According to a filing with the U.S. Securities and Exchange Commission (SEC), AI data center developer Nscale has applied to go public in the United States, seeking a listing on the New York Stock Exchange under the proposed ticker symbol “NSCL.” The company is reportedly targeting up to $3 billion in proceeds from the IPO, with the funds primarily earmarked for expanding its AI computing infrastructure.

Headquartered in London, Nscale was spun out of a cryptocurrency mining business in early 2024 and now operates primarily as a neocloud provider, offering computing resources to AI companies. Its partners include NVIDIA and Microsoft.

For the six months ended June 30, 2026, Nscale reported revenue of $140.6 million and a net loss of $1.02 billion, compared with revenue of $10.4 million and a net loss of $368.9 million in the same period a year earlier.

In March 2026, Nscale was valued at approximately $14.6 billion following its Series C funding round, which was led by Aker ASA and investment firm 8090 Industries. NVIDIA and Nokia also participated in the financing. As of August 2026, Nscale had more than 10 GW of data center power capacity under ownership or control, with the total value of its contracted capacity estimated at around $103 billion.

Nscale is currently developing or operating several hyperscale AI data center projects in Norway, Portugal, Texas and West Virginia, with each site designed around more than 200 MW of power capacity. In April, the company also agreed to add more than 30,000 NVIDIA chips to its data center in Narvik, Norway, under an expansion of its existing lease agreement with Microsoft.

In August, Anthropic agreed to spend $45 billion to lease AI cloud computing resources from Nscale’s Monarch Compute Campus in West Virginia. The approximately 2,250-acre site is expected to reach 2 GW of total power capacity by the first half of 2028, with plans to expand to around 8 GW by 2031.

Nscale also identified its significant reliance on NVIDIA as a risk factor in its IPO filing. The filing states that NVIDIA holds more than a 5% stake in Nscale following previous financing rounds. On September 15, Nscale agreed to issue $2.1 billion in unsecured convertible loan notes to investors. It also agreed to provide NVIDIA with either $1 billion in unsecured convertible loan notes or non-voting shares.