Article by Edward Sheldon
Nscale IPO: Could This Be Another Blockbuster AI Listing
August 13, 2026 | Research Insights
In early August, it came to light that AI infrastructure company Nscale is planning a US IPO. This listing could take place as soon as September, according to Bloomberg1.
In this article, we are going to provide an overview of Nscale’s business model and financials and cover the details of the IPO that are known so far. Are we looking at another blockbuster AI infrastructure listing?
Who is Nscale?
Nscale is a UK-founded, vertically integrated AI infrastructure company and "neocloud" provider. Headquartered in London, it specializes in high-performance GPU cloud computing, modular data centers, and managed software solutions tailored specifically for artificial intelligence.
Its customers include hyperscalers and Big Tech firms along with frontier AI labs and foundation model developers. Additionally, it offers AI compute to corporations operating under strict European privacy and AI governance regulations and European national bodies seeking AI sovereignty.
Nscale’s origins can be traced back to Arkon Energy, a Bitcoin mining business that was founded by Nscale CEO Josh Payne in 20142. It focused on Bitcoin mining in areas of the world with cheap, abundant renewable energy such as Northern Norway.
As demand for AI hardware surged, Payne realized that AI compute offered a bigger opportunity than Bitcoin mining. As a result, the company – which had built out data center sites and secured long-term power purchase agreements – spun out Nscale in 20242 to redirect that data center and energy procurement expertise towards specialized GPU cloud infrastructure for AI.
Nscale’s Core Offering and Architecture
Today, Nscale operates across the entire AI stack, offering organizations access to both hardware and software solutions. Its offering3 includes:
- GPU and CPU compute: Nscale offers dedicated GPU infrastructure tailored to organizations’ operational requirements.
- Nscale Cloud: A managed platform for AI teams including dedicated inference, customizable environments, management tools such as Kubernetes and Slurm, enterprise Identity and Access Management (IAM), and security.
- Data centers: Nscale operates purpose-built, modular, liquid-cooled data center facilities across the UK, Norway, Iceland, Portugal, and North America. A major selling point here is data sovereignty and regional regulatory compliance for European and global enterprise customers.
- Energy and power: Nscale offers behind-the-meter power generation and microgrid capabilities to bypass multi-year utility grid interconnection queues and ensure faster, more resilient AI.
At present, the company has data centers in Norway, the UK, and the US. It currently has about 25,000 chips running (most of which are Nvidia Blackwell GPUs) offering around 830 MW of compute power1.
Looking ahead, it is targeting 10 GW of data center capacity1. According to Bloomberg, it is contracted for 194,000 Nvidia Vera Rubin GPUs and 264,000 GPUs in total1.
Source: Nscale, nscale.com
Rapid Revenue Growth
In terms of its financials, Nscale recently told potential backers that its revenue exceeded $100 million in the second quarter of 20261. That compares to around $37 million in the first quarter of 2026 and roughly $33 million for all of 2025.
It also said that it has secured around $51 billion in total contracted revenue1. Note that this counts multi-year compute contracts; its annualized revenue run-rate is closer to $400 million to $500 million4
Funding and Valuation
Nscale’s IPO push follows a major fundraising run. In September 2025, the company closed a $1.1 billion Series B funding round – the largest Series B in European history5 – led by Norwegian industrial investment firm Aker ASA and supported by a range of companies including Sandton Capital, Nvidia, Dell Nokia, Blue Owl, Fidelity Management & Research Company, Point72, and G Squared.
More recently, in March 2026, it closed a $2 billion Series C6 led by Aker ASA and 8090 Industries and supported by Astra Capital Management, Citadel, Dell, Jane Street, Lenovo, Linden Advisors, Nokia, Nvidia, and Point72. This funding round put its valuation at $14.6 billion6.
The IPO Details
Right now, there are not a lot of concrete details on the Nscale IPO. However, according to Bloomberg, the AI infrastructure company is preparing for a public listing as early as September, and it is currently working with Goldman Sachs and JP Morgan1.
Keep an eye out for more details on the IPO. Plus, stay tuned for upcoming announcements on leveraged and inverse Nscale product launches from Leverage Shares.
Footnotes:
1Investing.com, Nscale reports $51 billion contracted revenue ahead of Sept. IPO - Bloomberg, as of August 6, 2026
2Data Center Dynamics, AI cloud provider Nscale acquires modular data center company Kontena, as of July 22, 2024
3Nscale, Nscale.com, as of August 12, 2026
4The Next Web, Nscale wants a $51bn US IPO. Most of that revenue hasn’t arrived yet, as of August 7, 2026
5Nscale, Nscale Raises the Largest Series B in European History, at $1.1 billion, as of September 25, 2025
6Nscale, Nscale Raises $2 Billion in Series C — the Largest in European History, as of March 9, 2026
