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Nick Clegg could make about $40m from Nscale's planned US flotation

Nick Clegg could make about $40m from the planned US flotation of UK datacentre startup Nscale, whose reported $35bn target valuation contrasts with its last $14.6bn funding round.

AI News Feed · 2026-09-23 01:51

Clegg is a board member at Nscale alongside Sheryl Sandberg, the former Meta executive. Sandberg’s 0.25% stake could be worth $88m at a $35bn valuation, a figure reported by the Financial Times this month. The Telegraph first reported Clegg’s potential wealth gain from the Nscale float.

Nscale was last valued in a funding round at $14.6bn, a lower figure that would imply values of about $18m for Clegg’s stake and about $37m for Sandberg’s. Forbes has estimated Sandberg’s wealth at $2.4bn. Clegg has made about £24m from sales of shares in Meta, where he was formerly president of global affairs. Both are paid an annual retainer of $60,000.

UK-based Nscale filed papers for its flotation in the US on 18 September and could make its stock market debut before the year end. The company is preparing to list in New York, reflecting its global ambitions and the depth of funding available in the US for expensive AI infrastructure projects.

Nscale reported a loss of $1bn in the six months to 30 June, on revenues of $140m. In the flotation document, Nscale said its losses reflected the “substantial investments” it has made in a “highly capital intensive” business.

Josh Payne, the chief executive of Nscale, has said the company sees a “significant” opportunity in sovereign AI, where countries develop their own models and infrastructure in order to reduce reliance on US or Chinese technology. Christine Lagarde, president of the European Central Bank, and Margrethe Vestager, the former EU competition head, have both called for Europe to do more to develop its own AI infrastructure.

“Nscale is well positioned to serve this demand as a trusted, sovereign-capable platform,” Payne said. “This is particularly true in Europe, where the need for sovereign AI infrastructure is especially acute, and where our British domicile positions us as a natural, trusted partner.”

Nscale operates five datacentres in Europe and has a further 12 under different phases of construction, including in the US. The Guardian revealed this year that one Nscale project in Loughton, Essex, is an undeveloped scrapyard.

Nscale has been approached for comment.