AI data center company Nscale has filed for a US IPO, with Nvidia holding more than 5% of its shares.

London-based data center operator Nscale has officially filed for an IPO with the U.S. Securities and Exchange Commission, seeking to raise up to $3 billion in New York to expand the infrastructure that supports the demand for AI computing power.

Nscale was spun off from a cryptocurrency mining business in early 2024 and has quickly become a leading player in the AI infrastructure sector.

According to its prospectus, as of August 2026, Nscale owns and controls more than 10 gigawatts of power in its data centers, with a total contract value of approximately $103 billion. The company's partners include Nvidia and Microsoft.

The latest financial data shows that the company's revenue is rising rapidly, but its losses are widening at the same time.

For the six months ended June 30, Nscale reported revenue of $140.6 million and a net loss of $1.02 billion; compared to revenue of only $10.4 million and a net loss of $368.9 million in the same period last year. This rapid growth, coupled with substantial capital investment, highlights the typical characteristics of the AI infrastructure sector and will be a core issue for investors evaluating this IPO.

The AI infrastructure concept has driven a continued rebound in global IPOs this year. According to Bloomberg data, total IPO fundraising has reached $161.4 billion year-to-date, the highest level since 2021. If Nscale successfully completes its IPO, it will become another landmark case in this wave.

From Crypto Mining Farms to AI Computing Hubs

In early 2024, Nscale spun off its cryptocurrency mining business and transformed into a "neocloud" operator, leasing computing resources to AI development companies. In just over a year, the company has become one of the most watched emerging forces in the AI data center sector.

In March of this year, Nscale completed its Series C funding round, led by Aker ASA and investment firm 8090 Industries, with Nvidia and Nokia also participating. The company was valued at approximately $14.6 billion.

The prospectus shows that Aker, Sandton Capital Partners, and a trust fund associated with Payne each hold more than 5% of the company's shares.

The Nscale board of directors is also noteworthy, with former Meta executive Sheryl Sandberg and former UK Deputy Prime Minister Nick Clegg both on the board.

Receives $45 billion lease commitment from Anthropic

Nscale positions its main facilities as "hyperscale AI hubs," located in Norway, Portugal, Texas, and West Virginia, each with an installed capacity of over 200 megawatts.

Among them, the flagship Monarch computing campus in West Virginia is the largest. According to the prospectus, the campus covers approximately 2,250 acres and is expected to have a total power capacity of 2 gigawatts when it becomes operational in the first half of 2028, with plans to expand to approximately 8 gigawatts by 2031.

In August of this year, AI startup Anthropic announced that it had agreed to spend $45 billion to lease AI cloud computing resources from the Monarch campus.

In the Nordic region, Nscale agreed in April to add more than 30,000 Nvidia chips to its existing lease with Microsoft at its Narvik facility in Norway.

Nvidia holds more than 5% stake

Nvidia plays a particularly crucial role in this IPO, acting as a shareholder, a supplier, and a potential large creditor.

According to the prospectus, Nscale issued warrants to Nvidia during its Series B funding round, making the latter a shareholder with more than 5% ownership, but Nvidia's holdings were non-voting shares.

In addition, Nscale signed a subscription agreement on September 15 to issue $2.1 billion in unsecured convertible loan notes to investors and an additional $1 billion in unsecured convertible loan notes or non-voting shares to Nvidia. The Nvidia portion will be completed on November 16.

However, the prospectus also acknowledges in the risk factors section that the company's GPU supply is highly dependent on Nvidia, and the deep ties between the two companies pose a potential concentration risk.

Acquisition of software startup Anyscale

Beyond expanding hardware computing power, Nscale is seeking to extend into the software layer to improve the efficiency of customers using AI computing power.

In July of this year, Nscale announced the acquisition of San Francisco-based software startup Anyscale for $1.65 billion to help customers utilize AI computing resources more efficiently.

This acquisition marks the company's strategic shift from a pure infrastructure provider to a comprehensive AI computing power service provider.

Goldman Sachs, JPMorgan Chase, and Morgan Stanley are the lead underwriters for this IPO, with 19 other banks participating in the transaction. Nscale shares are expected to trade on the New York Stock Exchange under the ticker symbol NSCL.

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