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Nscale
GPU cloudPrivateNscale is a GPU cloud based in London, United Kingdom, founded in 2024. Status: private (S-1 filed 2026-09-18, NYSE: NSCL proposed).
Capacity, contracted1.37 GWas disclosed
Capacity, operating25,000GPUs deployed
Valuation$14.6Bpost-money, 9 Mar 2026
Compute deals on record7$89.4B confirmed contract value
Key facts
| Classification | GPU cloudHow types are assigned |
| Status | Private (S-1 filed 2026-09-18, NYSE: NSCL proposed) |
| Headquarters | London, United Kingdom |
| Founded | 2024 |
| Founders | Josh Payne (Arkon Energy)XLinkedIn |
| Capacity and backlog | As of 31 August 2026 Nscale reported about 1.37 GW of active and contracted capacity (1 GW owned, 200 MW leased, 165 MW colocation) across 5 active and 12 contracted sites, about 25,000 active GPUs and about 461,000 active and contracted GPUs, and $103.4 billion of active and contracted total contract value, of which $2.6 billion active (registration statement, 18 September 2026). |
| Chips | NVIDIA (GB300, Vera Rubin NVL72) |
| Named customers | Microsoft, Anthropic, Figure AI |
| Raised | $3.3Bequity and debt as disclosed |
| Latest financing | $3.36B, Pre-IPO convertible loan notes (led by Third Point), 25 Sep 2026 |
| Investors named | Third Point, Aker ASA, 8090 Industries, NVIDIA, Microsoft, Citadel, Dell, Jane Street, Lenovo, Nokia, Point72, Linden Advisors, Astra Capital Management, Apollo (funds), Hudson Bay Capital, Abu Dhabi Investment Council |
| Debt and financing | Nscale's registration statement (18 September 2026) lists GPU facilities of up to $1.85 billion (Ward County), about $1.4 billion and up to $1.2 billion (North Carolina), a $900 million revolver, a data center facility of up to $790 million (Kvandal South) and a Macquarie facility of up to $331.9 million (Iceland). On 25 September 2026 Nscale announced $3.36 billion of pre-IPO convertible loan notes led by Third Point: an initial $2.36 billion tranche at closing and a $1 billion commitment from Nvidia with funding expected in mid-November 2026; the notes convert into shares on completion of the IPO (company announcement). |
| Website | nscale.com |
| Profiles and work | X @nscaleLinkedInYouTubeDocsHow links are checked, checked 10 Nov 2026 |
Sources for this table: sec.gov, nscale.com, nscale.com, techcrunch.comchecked 10 Nov 2026
Compute deals and financings
| Date | Counterparty | Role | Type | Value | Capacity | Status | Source · checked |
|---|---|---|---|---|---|---|---|
| 29 Oct 2026 | NVIDIA | Buyer | BackstopNVIDIA Vera Rubin | undisclosed | 460 MW | Reported | thenextweb.comchecked 9 Nov 2026 |
| 19 Oct 2026 | Anthropic | Provider | Capacity contractNVIDIA Vera Rubin | $45B | 460 MW | Reported | thenextweb.com Nscale is negotiating to sell Anthropic about $45bn more in AI computing capacity.checked 9 Nov 2026 |
| 15 Sep 2026 | NVIDIA | Buyer | Equity + compute | $1B | — | Confirmed | nscale.com an initial $2.36bn tranche at closing and an additional $1bn commitment from NVIDIA with funding expected in mid-November, 2026checked 10 Nov 2026 |
| 26 Aug 2026 | Anthropic | Provider | Capacity contractNVIDIA (Vera Rubin per media) | $44.6B | 460 MW | Confirmed | sec.gov we agreed to spend an aggregate of up to approximately $44.6 billion over terms extending into 2033, with fees accruing only as capacity is delivered to and accepted by us.checked 9 Nov 2026 |
| 15 Oct 2025 | Microsoft | Provider | Capacity contractNVIDIA GB300; later Vera Rubin NVL72 (66,000+ at Sines) | $43.8B | — | Confirmed | sec.gov provide for payments to us of up to approximately $43.8 billion through December 2033checked 10 Nov 2026 |
| 16 Sep 2025 | Microsoft | Provider | Capacity contractNVIDIA GB300 | undisclosed | 50 MW | Confirmed | |
| 16 Sep 2025 | OpenAI | Provider | Capacity contractNVIDIA | undisclosed | — | Reported |
Investors by round
| Investor | Round | Date | Round size | Role | Status | Source |
|---|---|---|---|---|---|---|
| 8090 Industries | Series C | 2026-03-09 | $2B | co-lead | Confirmed | |
| Aker ASA | Series C | 2026-03-09 | $2B | co-lead | Confirmed | |
| Astra Capital Management | Series C | 2026-03-09 | $2B | participant | Confirmed | |
| Citadel | Series C | 2026-03-09 | $2B | participant | Confirmed | |
| Dell | Series C | 2026-03-09 | $2B | participant | Confirmed | |
| Jane Street | Series C | 2026-03-09 | $2B | participant | Confirmed | |
| Lenovo | Series C | 2026-03-09 | $2B | participant | Confirmed | |
| Linden Advisors | Series C | 2026-03-09 | $2B | participant | Confirmed | |
| NVIDIA | Series C | 2026-03-09 | $2B | participant | Confirmed | |
| Nokia | Series C | 2026-03-09 | $2B | participant | Confirmed | |
| Point72 | Series C | 2026-03-09 | $2B | participant | Confirmed | |
| NVIDIA | pre-IPO convertible loan notes | 2026-09-25 | $3.36B | participant | Confirmed | |
| Third Point | pre-IPO convertible loan notes | 2026-09-25 | $3.36B | lead | Confirmed | |
| Apollo (funds) | pre-IPO convertible loan notes | 2026-09-25 | $3.36B | participant | Confirmed | |
| Citadel | pre-IPO convertible loan notes | 2026-09-25 | $3.36B | participant | Confirmed | |
| Hudson Bay Capital | pre-IPO convertible loan notes | 2026-09-25 | $3.36B | participant | Confirmed | |
| Abu Dhabi Investment Council | pre-IPO convertible loan notes | 2026-09-25 | $3.36B | participant | Confirmed | |
| 8090 Industries | pre-IPO convertible loan notes | 2026-09-25 | $3.36B | participant | Confirmed |
Latest posts on X
The most recent posts from @nscale, the X account of Nscale, quoted as posted. Replies and reposts are left out. How posts are selected.
Our research with 500 AI-native businesses shows that infrastructure decisions are increasingly shaping what teams can build, deliver, and scale. Read more: nscale.com/blog/what-500-leaders-from-ai-…
View the post on X · With 1 image
What does AI infrastructure need beyond the GPU to get from pilot to production? David Power will unpack it at @Gartner_inc IOCS London: nscale.com/events/gartner-iocs-emea-2026?…
View the post on X · With 1 image
Three things to remember about Nscale Kubernetes Service (NKS): 1. Latest GPUs 2. Built for portability 3. All built in-house on Nscale infrastructure Full video: youtu.be/BRUUrFX9hjI
View the post on X · With video
checked 10 Nov 2026
Is Nscale publicly traded?
Nscale is not independently listed: private (S-1 filed 2026-09-18, NYSE: NSCL proposed). Its latest disclosed valuation is $14.6B post-money (9 Mar 2026).
EveryNeo is an independent informational project. Nothing here is investment, legal or financial advice. Disclaimer
Other GPU clouds on the ledger
| Company | Status | Contracted | Operating | Valuation / market cap |
|---|---|---|---|---|
| LLambda | Private | — | — | $14.5B |
| FFirmus | Private | — | — | $10.5B |
| DDigitalOcean | NYSE:DOCN | 180 MW | — | $9.24B |
| IIREN | NASDAQ:IREN | 300 MW | — | $9.09B |
| FFluidstack | Private | — | — | $7.5B |
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