London-based AI infrastructure firm Nscale has appointed Fidji Simo, CEO of AGI Deployment at OpenAI, to its board of directors. This move comes as the company prepares for a US initial public offering targeted for September 2026. Goldman Sachs and JPMorgan are advising on the upcoming IPO.
The company is currently seeking up to $3.5 billion in pre-IPO financing. This funding includes $1.5 billion in convertible notes and $2 billion from Nvidia, which also supplies GPU hardware. Other strategic backers include Aker and Dell.
Nscale was founded in 2024 by Josh Payne and Nathan Townsend and previously focused on crypto mining infrastructure. Following a $2 billion Series C round in March 2026, the company reached a private valuation of $14.6 billion. Its initial Series A funding in late 2024 totaled $155 million.
Contracted revenue for the firm reached approximately $103 billion following a deal with Anthropic, doubling from the $51 billion reported in early March 2026. Nscale maintains compute contracts with Microsoft and is expanding its data center capacity by 10 gigawatts.
