Nscale files S-1, reportedly seeking US IPO; European neocloud seizes listing window

Nscale, a London-based AI infrastructure company operating data centres and GPU cloud services, was incorporated on May 29, 2024, by co-founders Josh Payne and Nathan Townsend. The company emerged from Arkon Energy, a Melbourne-based cryptocurrency miner, following Arkon's Series A funding round of $155 million in December 2024, as Nscale's bitcoin mining operations wound down.

The company has raised capital aggressively since its inception. Its Series B round in 2025 brought in $1.1 billion from investors including the Norwegian industrial group Aker, alongside NVIDIA, Nokia, and Dell. By October 2025, Nscale had secured an additional $433 million in pre-Series C SAFE funding and expanded operations into Portugal, the United Kingdom, the United States, and Iceland.

In March 2026, the company raised $2 billion in its Series C funding round, achieving a valuation of $14.6 billion. The round coincided with significant board appointments: former Meta COO Sheryl Sandberg, former Yahoo president Susan Decker, and former UK deputy prime minister Nick Clegg joined the board of directors.

Nscale has established key strategic partnerships. The company holds an agreement with Microsoft to supply 200,000 NVIDIA chips. In September 2024, it partnered with Singtel to expand GPU-as-a-Service capacity across Europe and Southeast Asia, gaining access to NVIDIA H100 GPUs through Singtel's Paragon platform while providing Singtel access to its AMD and NVIDIA accelerator capacity in Europe. In October 2025, Nscale partnered with Vast Data to deploy its AI Operating System as the data layer for Nscale's global AI cloud infrastructure.

As of September 2026, reports indicate Nscale is seeking approximately $3.5 billion in pre-IPO financing as it moves toward a potential public offering.