Nscale plans $3 billion IPO in US
Nscale, a London-based AI infrastructure company spun out of Arkon Energy in 2024, plans to raise up to $3 billion in a US initial public offering targeted for September 2026 with Goldman Sachs and JPMorgan guiding the deal. The company reached a $14.6 billion valuation after a $2 billion Series C in March 2026, following a $1.1 billion Series B in late 2025 and a $900 million credit facility in July 2026. Nscale reports $51 billion in contracted compute revenue, rapid top-line growth from about $33 million in 2025 to roughly $37 million in Q1 2026 and an expected Q2 2026 above $100 million, and has partnerships with NVIDIA while building AI-optimized data centers across several countries.
Nscale targets September 2026 IPO with $51 billion contracted backlog
Context
Nscale was spun out of Arkon Energy in 2024. It raised large funding rounds in 2025 and 2026 and scaled revenue quickly. Next, it plans a US IPO and public investors will watch backlog conversion and margins.
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