Nscale Targets US IPO with $51 Billion Contracted Revenue

Nscale, a London-based AI data center provider, is preparing for an initial public offering in the United States potentially as early as September 2026. The company has reported approximately $51 billion in total contracted revenue and showed significant financial acceleration in 2026, with second-quarter revenue exceeding $100 million, up from $37 million in the first quarter and $33 million for the entire 2025 fiscal year.

To support this growth, Nscale is scaling its infrastructure by contracting for 194,000 Nvidia Vera Rubin GPUs and utilizing Blackwell series chips. The company plans to increase its power capacity from 831 megawatts to 10 gigawatts through the development of sites in Norway and West Virginia.

In July, Nscale agreed to acquire the software startup Anyscale for $1.65 billion to enhance its computing efficiency. Goldman Sachs Group Inc. and JPMorgan Chase & Co. are serving as advisors for the upcoming public offering.