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AI data center builder Nscale reportedly seeks $3B U.S. IPO

AI data center builder Nscale reportedly seeks a $3B U.S. IPO as soon as next month, with Goldman Sachs and JPMorgan managing.

AI News Feed · 2026-08-22 10:44

Bloomberg reported, citing sources, that the company has hired Goldman Sachs Group Inc. and JPMorgan Chase & Co. to manage the IPO. The sources did not specify the valuation Nscale is targeting. The company, which builds and operates artificial intelligence data centers, was valued at $14.6 billion after its most recent funding round in March, a raise that included participation from Nvidia Corp. and Nokia Corp.

Nscale opened its first data center last year in Norway and is now building AI infrastructure in more than a dozen locations worldwide. Bloomberg reported that Nscale hopes to grow its data center capacity from 831 megawatts to about 11 gigawatts.

The company's flagship project is a 2,250-acre data center campus in West Virginia that Nscale estimates can theoretically accommodate more than eight gigawatts of computing capacity. The campus will host a dedicated electrical grid with on-site power generation infrastructure. Microsoft Corp. is the anchor tenant, having commissioned 1.35 gigawatts of capacity in March. Nscale will deliver that processing power using Nvidia's Vera Rubin NVL72 systems, each featuring 72 of the chipmaker's latest Rubin graphics processing units. Nscale will also host 300,000 previous-generation Blackwell Ultra chips for Microsoft in four other locations, part of an infrastructure contract reportedly worth $14 billion. Bloomberg's sources said Nscale's total contracted revenue is about $51 billion.

Beyond GPU infrastructure, Nscale offers cloud services including managed versions of Kubernetes and Slurm, as well as a prompt engineering tool. Last month, the company expanded its software portfolio by acquiring Anyscale Inc. for $1.65 billion, gaining a commercial version of the Ray open-source tool for optimizing AI clusters.

Nscale is one of two AI data center builders preparing to go public in the near future. Earlier this month, rival Switch Inc. confidentially filed for an IPO that could reportedly value it at $50 billion.