Nvidia-Backed Nscale Files for US IPO on NYSE Under Ticker NSCL as Revenue Backlog Tops $100 Billion

Nscale, the London-based AI data center company backed by Nvidia, filed publicly for a US initial public offering on September 18, 2026, targeting a listing on the New York Stock Exchange under the ticker symbol NSCL. The company is working with Goldman Sachs and JPMorgan Chase on the offering and is seeking to raise as much as $3 billion, with a target valuation of around $50 billion.

The filing comes as Nscale's contracted revenue pipeline has surpassed $100 billion, roughly doubling from the $51 billion figure the company touted to prospective investors in August. Revenue has ramped sharply, rising from roughly $33 million for all of 2025 to more than $100 million in the second quarter of 2026 alone, after $37 million in the first quarter.

Nscale's infrastructure as of late August included approximately 25,000 active GPUs and 461,000 active and contracted GPUs, spread across five active and twelve contracted data center sites with about 1.37 gigawatts of active and contracted capacity. The company holds line of sight to approximately 10 gigawatts of potential power capacity across sites under ownership or long-term control. Its footprint spans Norway, Portugal, Iceland, the United Kingdom, the United States, and Asia-Pacific, with operations concentrated in renewable-rich, low-cost power regions.

Nscale has assembled a roster of large customers and partnerships. Microsoft is purchasing around 200,000 Nvidia GPUs from Nscale across sites in Norway, the UK, and Portugal in a relationship valued at roughly $23 billion. Anthropic has committed $45 billion for compute capacity, and Nscale is part of a $1 billion partnership with OpenAI and Aker to build a large-scale AI data center in Norway. The company also agreed in July 2026 to acquire software startup Anyscale for $1.65 billion to help customers deploy AI computing more efficiently, and earlier acquired American Intelligence and Power Corporation, which brought the Monarch Compute Campus into its portfolio.