AI cloud infrastructure company Nscale is seeking to raise as much as $3 billion through an initial public offering in the United States, according to people familiar with the matter, joining a wave of AI data center firms rushing into public markets.

IPO Details

The London-based company could launch its IPO as early as September and is working with Goldman Sachs and JPMorgan Chase on a potential listing. Deliberations are ongoing, and the details of the IPO plan could change, with the timing also subject to delay. A representative for Nscale declined to comment.

Company Background

Founded in 2024, Nscale is described as a “neocloud” — a vertically integrated AI cloud platform that owns and operates its own data centers, GPUs and software stacks, providing large-scale, GPU-driven AI computing services. The company specializes in building massive data center infrastructure to support AI workloads, including training and inference using high-performance graphics processing units.

In its IPO preparations, Nscale has told potential investors that it holds approximately $51 billion in total contract revenue. The company is working to add 10 gigawatts of power capacity to its AI computing centers and currently has 831 megawatts of active and contracted power. (One gigawatt can power roughly 750,000 U.S. homes simultaneously.)

Funding and Valuation

Nscale has secured backing from investors including Nvidia. In March, the company announced the completion of a $2 billion Series C funding round at a post-money valuation of $14.6 billion. The round was led by Norway’s Aker ASA and 8090 Industries, with participation from Citadel, Dell, Jane Street, Lenovo, Nokia, Nvidia and Point72. The Series C round was one of the largest single equity financings in European history. The company had previously raised $1.5 billion in 2025 and secured a loan of similar size in February 2026.

As part of the transaction, Aker and Nscale agreed to fully integrate the joint venture the two had announced in July 2025 into Nscale. Following the deal, Aker’s stake in the company increased from 9.3% to 23.9%.

Board Lineup

The company also announced the addition of several high-profile figures to its board, including former Meta COO Sheryl Sandberg, former Meta President of Global Affairs Nick Clegg (who previously served as U.K. Deputy Prime Minister), and former Yahoo President Susan Decker.

Acquisition of Anyscale

In July, Nscale agreed to acquire software startup Anyscale for approximately $1.65 billion to help customers use AI computing power more efficiently. San Francisco-based Anyscale provides software for organizing and managing complex AI tasks, enabling them to run smoothly across multiple computers. Anyscale will continue to operate under its own brand and serve its existing customers, with its roughly 200-person team joining Nscale. The acquisition is expected to close in the second half of this year.

Industry Context and Competition

Nscale is in the midst of an AI data center building race, with companies pouring billions of dollars into chips and equipment to rent out processing capacity. This has triggered a wave of IPOs — Blackstone Digital Infrastructure Trust raised $2 billion in May, and Brookfield-backed Csquare raised $1.21 billion in July. Nscale competes with companies including CoreWeave and Nebius Group.