London-based AI infrastructure firm Nscale has filed for an IPO on the New York Stock Exchange under the ticker NSCL. The offering is led by Goldman Sachs, JPMorgan, and Morgan Stanley. The company, founded in 2024 as a spinout of Arkon Energy, reached a valuation of $14.6 billion following a Series C round in March 2026.
For the first half of 2026, Nscale reported revenue of $140.6 million, compared to $10.4 million in the same period of 2025. Net losses increased to $1.02 billion from $368.9 million. Over half of the revenue for the period originated from a single unnamed client. As of August 31, 2026, the company operated 25,000 GPUs, with 461,000 more active or contracted.
The firm reports a total backlog of contracted deals worth $103.4 billion, up from $38 billion at the end of 2025. This includes a $45 billion six-year agreement with Anthropic. Nscale has also secured significant debt financing, including a $3 billion package for GPU campuses in Texas and North Carolina, and committed $3.5 billion in compute to the startup Figure.
Nscale's funding history includes a $155 million Series A, a $1.1 billion Series B in 2025, and a $433 million SAFE. Key investors include Aker ASA, Nvidia, Microsoft, OpenAI, Dell, and Nokia. The company's board includes former Meta executives Sheryl Sandberg and Nick Clegg. Nscale currently operates five data centers with 12 more under construction.
