Nscale is pursuing a $3 billion US IPO to fund expansion amid the AI data center boom.

London-based Nscale is seeking to raise as much as $3 billion in a United States initial public offering, according to individuals familiar with the matter, positioning itself alongside a wave of AI data center companies tapping public markets.

The company could pursue the listing as soon as September and has engaged Goldman Sachs and JPMorgan as advisors for the potential offering, Bloomberg reported. The plans remain subject to change or delay, and Nscale declined to comment.

Nscale is developing data center facilities in Norway and West Virginia and has disclosed to prospective investors that it holds approximately $51 billion in total contracted revenue. Its board features former Meta executives Sheryl Sandberg and Nick Clegg.

The firm is working to add 10 gigawatts of power capacity to its existing 831 megawatts of active and contracted power. This expansion aligns with broader industry trends, as AI data center operators continue to invest heavily in chips and equipment to lease out computing capacity.

In July, Nscale agreed to acquire software startup Anyscale for $1.65 billion. The transaction is designed to enable customers to utilize AI computing resources more efficiently.