Nscale at a glance
As of- [1] Latest valuation: SEC EDGAR (Nscale S-1), March 27, 2026
- [2] Equity raised: Sum of the 2 sourced equity rounds in the funding history below (debt, tender offers and rumored rounds excluded), March 27, 2026
- [3] Lead investors: SEC EDGAR (Nscale S-1), March 27, 2026
- [4] Founded: Wikidata (retrieved September 16, 2026)
- [5] Headquarters: Wikipedia (retrieved September 27, 2026)
What Nscale does
Nscale describes itself as a full-stack AI cloud platform that brings together software, compute and power in a vertically integrated offering.[1] Nscale was spun out of Arkon Energy in May 2024, according to its SEC registration statement, and has its principal executive offices in London.[2] Nscale operates data centers in Norway, Portugal, Texas and West Virginia, TechCrunch reported in September 2026.[3] In the six months ended June 30, 2026, 52% of Nscale's revenue came from deployments in Portugal and 45% from Norway, according to its S-1.[2]
Business model and customers
Nscale says its platform serves hyperscalers, frontier model labs, AI natives and enterprises, with over $103 billion in total contracted value as of September 2026.[1] About 85% of that contracted value comes from a $43.8 billion compute deal with Microsoft through 2033 and a $44.6 billion supply agreement with Anthropic, TechCrunch reported.[3] In October 2026 Microsoft terminated an agreement to rent AI infrastructure at Nscale's planned facility in Loughton, Essex, The Telegraph reported, according to SiliconANGLE.[4]
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Company Snapshot
Nscale is an AI infra company, based in London, United Kingdom, founded 2024.
Recent changes
- Oct 30, 2026Oct 30, 2026Nvidia May Guarantee Debt For Nscale's $45B Anthropic Deal Pulse story
- Oct 19, 2026Oct 19, 2026Nscale's NYSE Valuation Keeps Moving Between $25B And $35B Pulse story
- Oct 19, 2026Oct 19, 2026Nscale, Anthropic In Talks For Another $45B Compute Deal Pulse story
- Oct 5, 2026Oct 5, 2026Nscale's NYSE Listing Nears As It Builds Out Leadership Pulse story
- Sep 25, 2026Sep 25, 2026Raised $3.36B Convertible notes PR Newswire
Earlier changes (15)
- Sep 25, 2026Sep 25, 2026New investor: Third Point Ventures PR Newswire
- Sep 25, 2026Sep 25, 2026Nscale Raises $3.36B in Pre-IPO Convertible Financing Pulse story
- Sep 18, 2026Sep 18, 2026Nscale Files For NYSE IPO Behind $103B AI Backlog Pulse story
- Sep 11, 2026Sep 11, 2026IPO an undisclosed amount at $25B target Bloomberg
- Sep 11, 2026Sep 11, 2026First reported valuation: $25B targetRumored Bloomberg
- Sep 11, 2026Sep 11, 2026Nscale Adds Fidji Simo To Board Ahead Of IPO Pulse story
- Sep 5, 2026Sep 5, 2026Nscale Lines Up $3.5B Pre-IPO War Chest From Nvidia Pulse story
- Sep 1, 2026Sep 1, 2026Raised $3B Debt Value Add Pulse enrichment
- Aug 31, 2026Aug 31, 2026Nscale's $51 Billion Number Isn't What It Looks Like Pulse story
- Aug 26, 2026Aug 26, 2026Anthropic Signs $45B Cloud Deal With Nscale Pulse story
- Mar 27, 2026Mar 27, 2026Raised $1.64B Series C at a $14.6B valuation SEC EDGAR (Nscale S-1)
- Mar 27, 2026Mar 27, 2026New investor: 8090 Industries SEC EDGAR (Nscale S-1)
- Mar 27, 2026Mar 27, 2026New investor: Aker ASA SEC EDGAR (Nscale S-1)
- Feb 2026Feb 2026Raised $1.4B Debt Value Add Pulse enrichment
- Oct 8, 2025Oct 8, 2025Raised ~$1.1B Series B SEC EDGAR (Nscale S-1)
Funding history
2 equity events · newest first · sources dated per row| Date | Round | Amount | Valuation | Lead investors | Source |
|---|---|---|---|---|---|
| Mar 27, 2026 | Series C | $1.64B | $14.6Bpost-money | Aker ASAunverified8090 Industriesunverified | SEC EDGAR (Nscale S-1) |
| Oct 8, 2025 | Series B | ~$1.1B | — | — | SEC EDGAR (Nscale S-1) |
Equity only. “Equity raised” above sums the rounds with a dated, linked source; rumored rounds, tender offers and secondary sales are listed but not counted, and debt financing is listed separately.
Debt, IPO & other events
not counted in equity raised| Date | Event | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Sep 25, 2026 | Convertible notes | $3.36B | — | PR Newswire | |
| Sep 11, 2026 | ipo | — | $25B target | Bloomberg | |
| Sep 2026 | Debt | $3B | — | Value Add Pulse research | |
| Feb 2026 | Debt | $1.4B | — | Value Add Pulse research |
How Nscale has been funded
On October 8, 2025, Nscale issued Series B preferred shares for an aggregate purchase price of approximately $1.1 billion, according to its S-1.[2] On March 27, 2026, Nscale issued Series C preferred shares for an aggregate purchase price of $1.64 billion, followed by a second Series C closing of $118.3 million on April 30, 2026, according to its S-1.[2] TechCrunch described the round as a $2 billion Series C led by Aker ASA and 8090 Industries that valued Nscale at $14.6 billion.[3] Nscale says it has raised over $3.3 billion through its series financing (Sep 2026).[2] On September 25, 2026, Nscale announced a $3.36 billion pre-IPO financing via convertible loan notes led by Third Point, with support from NVIDIA, funds managed by Apollo, Citadel, Hudson Bay Capital, Abu Dhabi Investment Council and 8090 Industries.[1] The convertible financing consists of an initial $2.36 billion tranche and a $1 billion NVIDIA commitment expected in mid-November 2026, and the notes convert into ordinary shares automatically when Nscale completes its IPO.[1]
Investors and their roles
- Aker ASA (co-led the Series C, 2026, per TechCrunch)[3]
- 8090 Industries (co-led the Series C per TechCrunch and backed the Sep 2026 convertible financing)[3],[1]
- Third Point (led the $3.36 billion convertible loan note financing, Sep 2026)[1]
- NVIDIA (convertible financing investor with a $1 billion commitment, Sep 2026)[1]
- Apollo-managed funds, Citadel, Hudson Bay Capital and Abu Dhabi Investment Council (convertible financing investors, Sep 2026)[1]
Investors
Latest Pulse
- Nov 2, 2026SWI Compute Orders $1B Of Nvidia Chips For AI FactoriesSWI Compute launched a European AI data center network built on roughly $1 billion of Nvidia hardware, targeting 2.3 gigawatts of capacity by 2029.→
- Oct 30, 2026Nvidia May Guarantee Debt For Nscale's $45B Anthropic DealNvidia is discussing guaranteeing billions in construction debt for Nscale's West Virginia data center, which would house a second, roughly $45 billion Anthropic compute deal, The Information and Bloomberg reported October 29-30, 2026.→
- Oct 19, 2026Nscale, Anthropic In Talks For Another $45B Compute DealNscale and Anthropic are reportedly in talks for another $45 billion AI compute deal, a month after sealing one of the same size, as investors question how much AI infrastructure spending the sector can sustain.→
- Oct 19, 2026Nscale's NYSE Valuation Keeps Moving Between $25B And $35BReports on Nscale's pending NYSE listing put its valuation anywhere from $25 billion to $35 billion, a wide spread for a company this close to its roadshow.→
- Oct 18, 2026Microsoft Pulls Out of Nscale's UK Data Center After Grid DelaysMicrosoft has stepped back from Nscale's planned UK data center project after grid-connection delays pushed the facility's opening years behind schedule.→
- Oct 15, 2026Nvidia Has Poured $8B Into Europe In One YearNvidia has invested roughly $8 billion across Europe over the past year and plans another $2 billion in deals within a week, as CEO Jensen Huang positions the company as the default supplier for Europe's 'sovereign AI' push.→
- Oct 6, 2026Lambda Is Raising Up To $4B At $14.5B Pre-Money Before IPOLambda is raising up to $4 billion at a $14.5 billion valuation in what could be its final private round before a 2027 IPO.→
- Oct 5, 2026Firmus Plans $5.5B IPO At $30.6B ValuationNvidia-backed data-center builder Firmus plans to raise up to $5.5 billion in an Australian IPO valuing it at roughly $30.6 billion, nearly tripling its valuation in two months.→
- Oct 5, 2026Nscale's NYSE Listing Nears As It Builds Out LeadershipNscale hired Meta's Justin Osofsky as COO ahead of its planned NYSE listing under ticker NSCL, rounding out its executive team as the AI infrastructure company approaches a public debut.→
- Oct 5, 2026US IPOs Raised $36.1B In Q3 Led By SK HynixUS IPOs raised $36.1 billion in the third quarter of 2026, with SK Hynix's mega-listing anchoring continued momentum in AI-linked public offerings.→
Coverage Timeline
newest first- Oct 30, 2026BIG TECHNvidia May Guarantee Debt For Nscale's $45B Anthropic Deal$45B Second Deal In Talks→
- Oct 19, 2026AINscale, Anthropic In Talks For Another $45B Compute Deal$45B Compute Deal→
- Oct 19, 2026IPONscale's NYSE Valuation Keeps Moving Between $25B And $35B$25B-$35B Range→
- Oct 18, 2026BIG TECHMicrosoft Pulls Out of Nscale's UK Data Center After Grid Delays→
- Oct 5, 2026IPONscale's NYSE Listing Nears As It Builds Out Leadership→
- Oct 4, 2026IPOWhere the 2026 IPO Pipeline Actually Stands→
- Sep 25, 2026IPONscale Raises $3.36B in Pre-IPO Convertible Financing$3.36B Pre-IPO Convertible→
- Sep 22, 2026IPOWhy Some Fall IPOs Are Filing While Others Are Pricing→
- Sep 18, 2026IPONscale Files For NYSE IPO Behind $103B AI Backlog$103.4B contracted backlog→
- Sep 11, 2026IPONscale Adds Fidji Simo To Board Ahead Of IPO$25B IPO valuation target→
- Sep 7, 2026IPOThe Pre-IPO Round Is Becoming Everyone's Series C$3.5B pre-IPO talks→
- Sep 5, 2026FUNDINGNscale Lines Up $3.5B Pre-IPO War Chest From Nvidia$3.5B Pre-IPO Financing→
- Aug 31, 2026IPONscale's $51 Billion Number Isn't What It Looks Like$51B contracted→
- Aug 26, 2026FUNDINGAnthropic Signs $45B Cloud Deal With Nscale$45B→
- Aug 3, 2026IPONeoclouds Are Quietly Lining Up Behind SpaceX for IPOs→
- Aug 3, 2026FUNDINGAI Infrastructure's Real Exit Ramp Is M&A, Not IPOs→
- Jul 30, 2026BIG TECHNscale Buys Anyscale for $1.65B to Own More of AI Stack$1.65B acquisition→
- Jul 30, 2026IPONeocloud Nscale Preps Investor Pitch for Multibillion IPOMultibillion IPO target→
All Coverage
12 most recent shown — all 18 stories are in the timeline aboveBIG TECH$45B Second Deal In Talks
Nvidia May Guarantee Debt For Nscale's $45B Anthropic Deal
Nvidia is discussing guaranteeing billions in construction debt for Nscale's West Virginia data center, which would house a second, roughly $45 billion Anthropic compute deal, The Information and Bloomberg reported October 29-30, 2026.
FOLLOW-UP
Nscale, Anthropic In Talks For Another $45B Compute Deal
AI$45B Compute Deal
Nscale, Anthropic In Talks For Another $45B Compute Deal
Nscale and Anthropic are reportedly in talks for another $45 billion AI compute deal, a month after sealing one of the same size, as investors question how much AI infrastructure spending the sector can sustain.
DEEP DIVE
Nscale's NYSE Valuation Keeps Moving Between $25B And $35B
IPO$25B-$35B Range
Nscale's NYSE Valuation Keeps Moving Between $25B And $35B
Reports on Nscale's pending NYSE listing put its valuation anywhere from $25 billion to $35 billion, a wide spread for a company this close to its roadshow.
DEEP DIVE
Microsoft Pulls Out of Nscale's UK Data Center After Grid Delays
BIG TECH
Microsoft Pulls Out of Nscale's UK Data Center After Grid Delays
Microsoft has stepped back from Nscale's planned UK data center project after grid-connection delays pushed the facility's opening years behind schedule.
DEEP DIVE
Nscale's NYSE Listing Nears As It Builds Out Leadership
IPO
Nscale's NYSE Listing Nears As It Builds Out Leadership
Nscale hired Meta's Justin Osofsky as COO ahead of its planned NYSE listing under ticker NSCL, rounding out its executive team as the AI infrastructure company approaches a public debut.
FOLLOW-UP
Where the 2026 IPO Pipeline Actually Stands
IPO
Where the 2026 IPO Pipeline Actually Stands
Pulse checks the 2026 tech IPO pipeline against its own prior coverage: Anthropic's $2 trillion prospectus target, Nscale's planned NYSE listing, and a wave of AI-adjacent mega-mergers closing instead of going public.
BY THE NUMBERS
Nscale Raises $3.36B in Pre-IPO Convertible Financing
IPO$3.36B Pre-IPO Convertible
Nscale Raises $3.36B in Pre-IPO Convertible Financing
Nscale disclosed a $3.36 billion pre-IPO convertible round led by Third Point, its second big financing in ten days as it pushes toward a US listing targeting a $25 billion valuation.
DEEP DIVE
Why Some Fall IPOs Are Filing While Others Are Pricing
IPO
Why Some Fall IPOs Are Filing While Others Are Pricing
This fall's IPO pipeline is splitting between companies actually pricing and trading -- newcleo, Electra Therapeutics -- and a growing backlog of filed-but-not-priced names including Nscale and Wella, some sitting for weeks without terms.
DEEP DIVE
Nscale Files For NYSE IPO Behind $103B AI Backlog
IPO$103.4B contracted backlog
Nscale Files For NYSE IPO Behind $103B AI Backlog
Nscale filed its S-1 for a New York Stock Exchange listing under ticker NSCL, disclosing $103.4 billion in contracted AI-compute revenue after Anthropic signed a $45 billion capacity deal in August.
DEEP DIVE
Nscale Adds Fidji Simo To Board Ahead Of IPO
IPO$25B IPO valuation target
Nscale Adds Fidji Simo To Board Ahead Of IPO
AI data-center startup Nscale added former OpenAI executive Fidji Simo to its board ahead of a fall IPO targeting a $25 billion valuation, well above its $14.6 billion private mark.
DEEP DIVE
The Pre-IPO Round Is Becoming Everyone's Series C
IPO$3.5B pre-IPO talks
The Pre-IPO Round Is Becoming Everyone's Series C
Nscale is reportedly in talks for $3.5 billion in pre-IPO financing, joining Anthropic's credit facility and Oura's early-investor cash-outs as evidence the line between late-stage private and public capital is blurring.
DEEP DIVE
Nscale Lines Up $3.5B Pre-IPO War Chest From Nvidia
FUNDING$3.5B Pre-IPO Financing
Nscale Lines Up $3.5B Pre-IPO War Chest From Nvidia
The London AI cloud firm is in talks for roughly $2 billion from Nvidia and $1.5 billion in Third Point-led convertible notes ahead of a planned New York listing, with contracts now topping $103 billion.
DEEP DIVE
Value Add Research
- AI & Technology · Oct 18, 2026Nscale Revenue 2026: $140.6M in H1, Up 1,252%, $1.02B Loss
- AI & Technology · Sep 6, 2026Nscale IPO 2026: $103B Backlog, Reported $35B Valuation
- VC & Investing · Oct 31, 2026Neocloud Valuations 2026: Nebius $42.25B, Crusoe $30.9B
- Market & Trends · Oct 15, 2026Biggest Expected IPOs of 2027: 7 Lined Up, OpenAI Leads
- Market & Trends · Sep 28, 2026Figure AI: Inside the $39 Billion Humanoid Robotics Company Building Its Own AI and Factory
- Market & Trends · Sep 27, 2026Crusoe Series F: Inside the $30.9B AI Data Center Company
- AI & Technology · Aug 14, 2026Figure AI Valuation Oct 2026: Still $39B Post-Money
- AI & Technology · Aug 6, 2026Is Anthropic Profitable? Q3 2026 Swung to a $567M Operating Loss
Related Companies
Shared investors
Nscale FAQ
What is Nscale's valuation?
Nscale was valued at $14.6 billion in its Series C, TechCrunch reported in September 2026, and SiliconANGLE put its private valuation at $15 billion in October 2026.[3],[4] For its IPO, Nscale expected a valuation of $35 billion, the Financial Times reported, according to TechCrunch (Sep 2026).[3]
How much revenue does Nscale make?
Nscale reported revenue of $140.6 million for the six months ended June 30, 2026, up from $10.4 million a year earlier, and $33.0 million for full-year 2025, according to its S-1 filed September 18, 2026.[2]
When is the Nscale IPO?
Nscale filed an S-1 registration statement with the SEC on September 18, 2026 and intends to list on the New York Stock Exchange under the symbol "NSCL".[2] As of October 18, 2026, SiliconANGLE reported that Nscale's IPO plans had suffered a setback after Microsoft pulled out of a data center deal.[4]
What is Nscale's stock ticker?
Nscale intends to list its ordinary shares on the NYSE under the symbol "NSCL", according to its September 2026 S-1.[2]
Who invested in Nscale?
Aker ASA and 8090 Industries led Nscale's Series C, TechCrunch reported, and Third Point led its $3.36 billion convertible financing in September 2026 alongside NVIDIA, Apollo-managed funds and Citadel.[3],[1]
Who owns Nscale?
Nscale was spun out of Arkon Energy in May 2024 and is privately held ahead of its IPO, backed by investors including Aker ASA, 8090 Industries, Third Point and NVIDIA; Josh Payne is its founder, CEO and chair.[2],[3],[1],[4]
How much has Nscale raised?
Nscale says it has raised over $3.3 billion through its series financing, and in September 2026 it added a $3.36 billion convertible loan note financing.[2],[1]
When was Nscale founded and where is it based?
Nscale was founded in 2024 and is headquartered in London, United Kingdom, according to Wikidata and Wikipedia.
References
researched 2026-10-19Sources & methodologyshow
Where these figures come from
- SEC EDGAR (Nscale S-1)primary source2 facts
- PR Newswireprimary source1 fact
- Bloombergmajor outlet1 fact
- Value Add Pulse researchValue Add VC data2 facts
Figures are labelled Reported (a source states it), Estimated, Derived (computed from other facts) or Rumored (in talks / unconfirmed). Rumors never replace a confirmed figure. Each figure keeps its own as-of date; history is preserved rather than overwritten.