Nscale

Nscale is in talks to sell computing power to Anthropic in a deal that could be worth about $45 billion, Bloomberg News reported on 19 October 2026, citing people familiar with the negotiations. The talks cover a second facility at Nscale's Monarch data centre campus in West Virginia, and come a day after Microsoft pulled out of an anchor deal for Nscale's Loughton site. A second deal of this size would add a large block of contracted backlog just as Nscale prepares its NYSE IPO.

Source: Bloomberg

Bloomberg reported on 2026-10-18, citing people familiar, that Nvidia-backed Nscale has been seeking an IPO valuation of about $30B, while a cohort of investors urged that a $16B-$19B range would be more likely to find favour with buyers. Investors cited the collapse of Australian data centre firm Firmus' IPO plan, and the report follows Microsoft pulling out of a UK data centre deal with Nscale. The disconnect points to a possible cut in the expected listing valuation of Nscale's planned US IPO.

Source: Bloomberg

Microsoft, one of Nscale's two largest customers, has told the company it is pulling out of the agreement to be anchor tenant at Nscale's first British data centre in Loughton, Essex, The Telegraph reported on October 18, 2026. Nscale said it remains committed to Loughton, which faces a grid-power wait until the early 2030s, and that its other Microsoft contracts are unaffected. The loss of a key hyperscaler customer adds revenue and execution risk to Nscale's planned Wall Street listing of up to $35B.

Source: The Telegraph

Bloomberg reported on 15 October that construction of Nscale's flagship AI data centre in Norway is six months behind schedule, set back by cooling-system leaks, local regulations, construction delays and a fire, with workers to be housed in a floating hotel to finish it. Only 6.4 megawatts of the planned 30 megawatts are running, according to the report and follow-up coverage. For Nscale, which has filed for a NYSE listing targeting a valuation of about $35 billion, the delay raises execution risk on turning contracted capacity into revenue ahead of its IPO.

Source: Bloomberg

On 2026-09-25 Nscale announced $3.36B of pre-IPO convertible financing led by hedge fund Third Point: $2.36B available immediately plus $1B from existing investor Nvidia to be received in mid-November, converting into equity when the IPO completes. The raise follows Nscale's S-1 filing for a NYSE listing, where it is reportedly targeting a ~$35B valuation and a ~$3B offering. The financing materially strengthens Nscale's balance sheet for data-center buildout ahead of its listing.

Source: Nscale

Nscale's 18 September 2026 IPO prospectus discloses revenue of $140.6M for the six months to 30 June 2026, up 1,252% from $10.4M a year earlier, against a net loss of $1.02B versus $368.9M in the prior-year period. It reports $56.4B of remaining performance obligations, more than $8B of debt excluding a Dell financing arrangement, one unnamed customer accounting for over half of first-half revenue, and an Nvidia guarantee of up to $860M on a Texas data-centre lease. This is the first audited view of Nscale's revenue scale, loss run-rate, customer concentration and backlog - the core inputs for pricing the company.

Source: CNBC

On 18 September 2026 Nscale Ltd (SEC CIK 0002110365) publicly filed a Form S-1 to list on the New York Stock Exchange under the ticker 'NSCL', and confirmed the filing on its own newsroom. The London-based AI cloud provider, which spun out of crypto miner Arkon Energy in 2024 and counts Nvidia, Blue Owl, Dell, Fidelity and Point72 among its investors, was last valued at $14.6B in a March 2026 round. A public S-1 converts Nscale from a private mark into a priced listing candidate and sets a near-term liquidity path for existing secondary holders.

Source: SEC EDGAR

Nscale and humanoid robotics firm Figure AI signed a strategic partnership worth about $3.5 billion covering up to 100,000 GPUs on NVIDIA's Vera Rubin platform, with Nscale also taking an equity stake in Figure.

Source: Figure