London-based AI cloud operator Nscale is preparing a U.S. initial public offering that could raise up to $3 billion, according to people familiar with the matter. The Nvidia-backed company, working with Goldman Sachs and JPMorgan, has told prospective investors it has about $51 billion in contracted revenue and is expanding data-center capacity across Norway and West Virginia. Nscale aims to add 10 gigawatts of power to its AI computing footprint, up from roughly 831 megawatts of active and contracted capacity, and recently agreed to buy software firm Anyscale for $1.65 billion to boost utilization. The planned float comes amid a wave of data-center and AI infrastructure listings, including Blackstone Digital Infrastructure Trust’s $2 billion IPO and Brookfield-backed Csquare’s $1.21 billion debut. Nscale’s board includes former Meta executives Sheryl Sandberg and Nick Clegg. Deliberations are ongoing and the deal’s timing and terms could change, the people said.
Nscale Targets Up to $3 Billion in U.S. IPO as AI Data-Center Boom Accelerates
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