Nscale files for US IPO seeking valuation up to $35bn

September 21, 2026 at 01:24 PM2 min

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UK AI infrastructure start-up Nscale has filed for a US initial public offering with the Securities and Exchange Commission. The company plans to list ordinary shares on the New York Stock Exchange under ticker 'NSCL'. The Financial Times reported Nscale is seeking a valuation of up to $35bn.

Key Facts

Nscale filed a statement of registration with the US SEC for an IPO on the New York Stock Exchange under ticker 'NSCL'.
The Financial Times reported Nscale is seeking a valuation of up to $35bn in the IPO.
For the six months ending 30 June, Nscale posted a net loss of $1.02bn on revenue of $140.6m.
As of 31 August 2026, Nscale's infrastructure portfolio included approximately 25,000 active GPUs and 461,000 active and contracted GPUs.
Goldman Sachs, JP Morgan and Morgan Stanley will act as lead bookrunners for the proposed offering.

IPO Filing Details

Nscale has applied to list its ordinary shares on the New York Stock Exchange under the ticker symbol 'NSCL'. The number of shares to be offered and their price range have not yet been determined. Goldman Sachs, JP Morgan and Morgan Stanley will act as lead bookrunners for the proposed offering. RBC Capital Markets, Deutsche Bank Securities and TD Securities will act as other bookrunners. Citizens Capital Markets, Loop Capital Markets and Roth Capital Partners will act as co-managers.

Financial Performance

For the six months ending 30 June, Nscale reported a net loss of $1.02bn on revenue of $140.6m. In the same period in 2025, the company posted a net loss of $368.9m on revenue of $10.4m. Nscale raised $2bn in Series C funding at a valuation of $14.6bn in March of this year. Founder, CEO and chair Josh Payne received total compensation of $23.2m in 2025.

Infrastructure Footprint

As of 31 August 2026, Nscale's infrastructure portfolio included approximately 25,000 active GPUs and 461,000 active and contracted GPUs. The company reported five active and 12 contracted data centre sites, including seven wholly-owned sites, nine colocation sites and one leased site. Nscale's footprint includes approximately 1.37GW of active and contracted capacity, with 1GW at owned sites, 200MW at leased sites and 165MW at colocation sites. The company's infrastructure is concentrated in renewable-rich, low-cost power regions such as Norway, Portugal, Iceland and select locations in the United States and APAC. Nscale has AI infrastructure deployment deals with Microsoft and Nvidia.