GPU neoclouds · EU

Nscale was valued at $14.6B as of 9 March 2026 (verified). Source: Nscale, $2B Series C at $14.6B led by Aker ASA and 8090 Industries; NVIDIA, Dell, Lenovo, Jane Street, Citadel, Nokia and Point72 participating (company release).

Regional performance-optimized GPU-as-a-service.

Valuation

$14.6B

Confidence

verified

As of

9 March 2026

Layer

GPU neoclouds

Signal

$2B Series C

Website

nscale.com

Relationships (6)

Notes

Regional performance-optimized GPU-as-a-service. Filed a public S-1 on 2026-09-18 for a NYSE listing under the ticker NSCL, seeking as much as ~$3B behind 23 underwriters led by Goldman Sachs, J.P. Morgan and Morgan Stanley; no share count or price range is set yet, so the mark stays at the Series C. The filing shows H1 2026 revenue of $140.6M, up 1,252% year on year, against a $1.02B net loss, and $103.4B of active and contracted total contract value as of 2026-08-31, up from $38.0B at the end of 2025 - a company-defined TCV measure over the life of take-or-pay contracts, not revenue or recognised backlog, and about $45B of it is the single Anthropic West Virginia deal. Bloomberg's read of the filing puts the concentration behind that TCV in the open: Microsoft accounts for about $43.8B and Anthropic about $44.6B, 85% of the total between them, while only $2.6B of the $103.4B was active as of end-August, Nscale has not yet financed the Anthropic build, and Anthropic can walk if defined milestones and performance levels are missed. OpenAI's Fidji Simo joined the board ahead of the listing. On 2026-09-25 it closed a $3.36B pre-IPO convertible financing led by Third Point - a $2.36B initial tranche plus a $1B NVIDIA commitment expected in mid-November, with Apollo, Citadel, Hudson Bay Capital, the Abu Dhabi Investment Council and 8090 Industries alongside and Goldman Sachs as placement agent. The notes convert automatically into shares on the IPO at a discount to the offer price, with the discount adjusted only up to a $30B valuation cap; a cap is not a post-money, so the mark does not move on it. Secondary outlets began floating $30B and $35B target valuations on 2026-09-19; neither figure appears in the filing, which still leaves the share count and price range blank, so the mark stays at the Series C until an amendment sets a range. The FT reported on 2026-09-23 that the S-1 does not name ByteDance, whose Singapore unit accounted for close to three quarters of Nscale's 2025 revenue and about 52% in H1 2026, and which used Nscale's Norwegian site to reach NVIDIA chips it could not buy in China - legal, but a regulatory and reputational exposure the prospectus leaves to an accompanying document. Appointed Justin Osofsky, previously a Meta vice president, as chief operating officer on 2026-10-02 ahead of the IPO - the second senior pre-listing hire after Fidji Simo joined the board in September. On 2026-10-18 The Telegraph reported that MICROSOFT has WITHDRAWN as anchor tenant of the Loughton, Essex site - the roughly GBP2B project announced in September 2025 to house 23,040 NVIDIA GB300 GPUs for Azure from Q1 2027 - after UK Power Networks told Nscale it could not supply enough power for the site until the early-to-mid 2030s. Neither company gave a reason for the exit. Nscale said it remains committed to developing Loughton, is exploring alternative power sources and further UK expansion, and that the grid problem "has no impact on our other contracts", so the roughly 200,000 GB300 contract with Microsoft across Europe and the US - about $43.8B of the contracted TCV, or 40% of contracted revenues on one outlet's read - and the edge that records it both stand on the company's own statement. The loss of the flagship site's only announced customer lands weeks before a listing whose price range and share count are still blank.

Sources

• Nscale, $2B Series C at $14.6B led by Aker ASA and 8090 Industries; NVIDIA, Dell, Lenovo, Jane Street, Citadel, Nokia and Point72 participating (company release) 2026-03-09
• CNBC, Nvidia backs AI data center startup Nscale as it hits $14.6 billion valuation 2026-03-09
• Nscale, Nscale Raises $3.36B in Pre-IPO Convertible Financing led by Third Point, with a $1B NVIDIA commitment (company release) 2026-09-25
• TechCrunch, Ahead of US IPO, British AI neocloud Nscale secures $3.36B in convertible financing 2026-09-25
• Nscale press release, Nscale files registration statement for proposed initial public offering (Form S-1, NYSE: NSCL) 2026-09-18
• CNBC, AI cloud provider Nscale files to go public 2026-09-18
• Bloomberg, Anthropic and Microsoft dominate Nscale's $103B in data centre contracts (85% of total contract value; $2.6B active as of end-August) 2026-09-21
• Financial Times (via Investing.com), Nvidia-backed Nscale downplayed ByteDance ties ahead of US IPO 2026-09-23
• Bloomberg, Microsoft Scraps UK Data Center Deal With Nscale, Telegraph Says (Loughton, Essex; Microsoft withdraws as anchor tenant for 23,040 GB300 GPUs) 2026-10-18

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Last updated 9 March 2026. Follow Nscale in any feed reader to hear when its valuation moves.

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