UK AI infrastructure start-up Nscale files for US IPO

UK-based AI infrastructure start-up Nscale has applied to list its shares on the New York Stock Exchange, filing for a US initial public offering (IPO). The company, founded by 32-year-old Josh Payne, aims to be valued at up to $35bn in the IPO, according to The Financial Times. Lead bookrunners for the offering include Goldman Sachs, JP Morgan and Morgan Stanley, with Citizens Capital Markets, Loop Capital Markets and Roth Capital Partners serving as co-managers.

Nscale's infrastructure portfolio includes approximately 25,000 active GPUs, 461,000 contracted GPUs, and 1.37GW of capacity, primarily located in regions with low-cost renewable energy, such as Norway, Portugal, Iceland and parts of the United States and Asia. The company raised $2bn in Series C funding in March 2026 at a valuation of $14.6bn, which it plans to use to expand its AI infrastructure globally, including in Europe, North America and Asia.