NEW YORK: Nscale, a developer of artificial intelligence (AI) data centres (DCs) that counts Nvidia Corp and Microsoft Corp among its partners, filed for an initial public offering (IPO) in New York to fund the equipment satisfying AI’s insatiable demand for computing power.
The London-based firm had a net loss of US$1.02bil on revenue of US$140.6mil for the six months ended June 30, compared with a net loss of US$368.9mil on revenue of US$10.4mil in the corresponding period a year earlier.
This was according to its filing last Friday with the US Securities and Exchange Commission.
Spun off from a cryptocurrency mining operation in early 2024, Nscale quickly became one of the most prominent DC newcomers powering the AI boom as a so-called neocloud operator, renting out computing resources to companies developing AI.
The company was valued in March at about US$14.6bil, in a Series C funding round led by Aker ASA and investment firm 8090 Industries. Nvidia and Nokia Oyj also participated in the round.
Nscale seeks to raise as much as US$3bil in the IPO, Bloomberg News reported.
The company’s so-called hyperscale AI hubs in Norway, Portugal, Texas and West Virginia each have 200MW of power or more, according to the filing.
It agreed in April to add more than 30,000 Nvidia chips to an existing rental agreement with Microsoft at its Narvik, Norway facility.
As of August 2026, Nscale has more than 10GW of owned and controlled power at its DCs, and about US$103bil of total contract value, the filing shows.
Anthropic PBC said in August it has agreed to spend US$45bil to rent AI cloud computing power from the Monarch Compute Campus, the company’s flagship DC development in West Virginia. — Bloomberg
