London’s Nscale Global Holdings is lining up a $3B initial public offering on a US exchange, with a listing possible as soon as next month, according to Bloomberg.
The report says the AI data center builder has hired Goldman Sachs and JPMorgan Chase to manage the deal. Sources did not disclose the valuation Nscale is targeting, though the company was worth $14.6B after its most recent funding round.
The company cut its teeth on a Norwegian data center that opened last year and is now active in more than a dozen locations. Its biggest bet is a 2,250-acre West Virginia campus with theoretical headroom above eight gigawatts of computing capacity, where Microsoft has commissioned 1.35GW.
That contract will run on Nvidia’s Vera Rubin NVL72 systems, and Nscale will also host 300,000 previous-generation Blackwell Ultra chips for Microsoft across four other sites, part of an infrastructure deal reportedly worth $14B.
Beyond raw GPUs, Nscale sells managed versions of Kubernetes and Slurm so customers can run workloads without wrestling with the underlying hardware. The IPO push comes as capital markets open up for AI infrastructure players, with rivals exploring similar listings to fund ever-larger campuses.
For investors, the question is whether a company that borrows billions to build data centers can convert that footprint into durable profit once the AI buildout matures.
