Nscale Seeks U.S. IPO, Eyeing $35 Billion Valuation

WHO:

IJR - Nscale is an AI data-center company backed by Nvidia and spun out of Arkon Energy.

CNBC - Nscale's board includes Fidji Simo, Nick Clegg, and Sheryl Sandberg.

WHAT:

IJR - Nscale has filed for a U.S. IPO on the NYSE with a targeted valuation of up to $35 billion.

CNBC - Nscale reported a net loss of $1.02 billion on $140.6 million in revenue for the six months ended June 30, 2026.

CNBC - Nscale's revenue increased by 1,252% from $10.4 million in the same period a year earlier.

CNBC - Nscale has $56.4 billion in remaining performance obligations.

CNBC - Nscale held 25,000 active GPUs and 461,000 that were either active or contracted.

CNBC - Nscale has five active and 12 contracted data center sites.

CNBC - Nscale has over $8 billion in debt, excluding a financing arrangement with Dell.

WHERE:

IJR - Nscale is based in London and operates on the NYSE.

CNBC - Nscale has a data center lease agreement in Texas.

WHEN:

CNBC - Nscale's IPO filing occurred after a funding round in March 2026, which valued the company at $14.6 billion.

CNBC - Nscale had over 1,000 full-time employees as of August 31, 2026.

WHY:

CNBC - Nscale aims to meet the growing demand for AI computing capacity, driven by companies like OpenAI and Anthropic.

HOW:

CNBC - Nscale rents out Nvidia GPUs for training and running AI models.

CNBC - Nscale is diversifying its offerings to handle inference requests for various AI models.

CNBC - Nscale's founder, Josh Payne, emphasized a disciplined approach to scaling the company based on contracted customer demand.

(UPDATED September 19, 2026 02:07 UTC)

Nscale, an AI data-center company backed by Nvidia and spun out of Arkon Energy, has filed for a U.S. IPO on the NYSE with a targeted valuation of up to $35 billion. The company, which is based in London and has a data center lease agreement in Texas, reported a net loss of $1.02 billion on $140.6 million in revenue for the six months ended June 30, 2026, despite a staggering revenue increase of 1,252% from the previous year. Nscale aims to meet the growing demand for AI computing capacity by renting out Nvidia GPUs and diversifying its offerings to handle various AI models, all while maintaining a disciplined approach to scaling based on customer demand.