Nscale
London-based vertically integrated AI hyperscaler (founded 2024) building sovereign/AI-factory capacity in Europe and the US; ~200k GB300 GPUs contracted with Microsoft; filed S-1 for NYSE IPO in Sept 2026.
www.nscale.com · Record collected 25 Sept 2026
Profile from NeoCloud Observatory research (snapshot 2026-09-25); every figure links to its original source.
Business model and differentiation text: NeoCloud Observatory research (analysis, not HYBSIS assessment).
Profile
- Headquarters
- London, United Kingdom
- Founded
- 2024
- Ownership
- public · NYSE (proposed): NSCL (proposed, NYSE)
- Operating regions
- Europe, North America
- Deployment model
- hyperscaler capacity supply, sovereign ai cloud, infrastructure development
- GPU vendors
- NVIDIA
- GPU generations
- NVIDIA Blackwell Ultra
- Networking
- Not yet recorded
- Storage
- Not yet recorded
- Cooling
- Not yet recorded
- Energy strategy
- partnered — Hydropower via Aker JV in Norway; grid elsewhere.
- Platform / control plane
- Not yet recorded
- Business model
- GPU infrastructure, colocation and cloud services — overwhelmingly dedicated GB300 capacity for Microsoft.
- Differentiation
- Sovereign European capacity with renewable power and willingness to build dedicated capacity fast.
Sources: Wikipedia — Nscale — Wikipedia, Nscale (X) — Nscale founder & CEO Josh Payne at Oslo Energy Forum, SEC EDGAR — NSCALE Ltd — Form S-1, Bloomberg — Nvidia-Backed Data Center Firm Nscale Files Publicly for IPO
Capacity register
Each sourced figure with its maturity and MW type. Figures of different types are not added together.
No sourced capacity figures recorded.
Projects
| Project | Location | Status | Capacity |
|---|---|---|---|
| Stargate Norway (Aker Nscale JV, Kvandal/Narvik) Status inferred from announced 2026 GPU delivery target; not independently confirmed. Participants: Aker ASA (partner), OpenAI (offtaker). Source: NeoCloud Observatory research. Sources: Nscale — Nscale, Aker and OpenAI to establish Stargate Norway, DatacenterDynamics — Aker Nscale plans another data center in Narvik, Norway | Narvik, Nordland, Norway | under construction | 230 MW (unspecified, announced) |
| Nscale Texas hyperscale AI campus (Microsoft) Phased delivery from Q3 2026 (reported). Participants: Microsoft (end customer). Source: NeoCloud Observatory research. Source: Sacra — Nscale valuation, funding & news | United States | under construction | 240 MW (unspecified, contracted) |
| Nscale at Start Campus, Sines ~12,600 GB300 committed for Q1 2026 (reported). Participants: Start Campus (landlord), Microsoft (end customer). Source: NeoCloud Observatory research. Source: DataStorage.com — Top 10 Neocloud Providers of 2026, Ranked | Sines, Portugal | planned | Not sourced |
| Nscale Glomfjord data center Flagship Norwegian site; additional 4,000 GPUs planned (reported). Participants: —. Source: NeoCloud Observatory research. Source: Wikipedia — Nscale — Wikipedia | Glomfjord, Nordland, Norway | operational | Not sourced |
| Nscale Loughton (Essex) AI data center Part of Stargate UK (OpenAI up to 31,000 GPUs across Nscale sites). Participants: —. Source: NeoCloud Observatory research. Source: Wikipedia — Nscale — Wikipedia | Loughton, Essex, United Kingdom | under construction | Not sourced |
Disclosed customer contracts
| Customer | Value | Basis | Term | Date | Status & source |
|---|---|---|---|---|---|
| Microsofthyperscaler | $43.8B | Up to (ceiling) | — | 30 Apr 2026 | signed Statements of work entered Sep 2025-Apr 2026; payments of up to ~$43.8B through Dec 2033 (S-1). Source: SEC EDGAR — NSCALE Ltd — Form S-1 |
| Microsofthyperscaler | — | Undisclosed | — | 15 Oct 2025 | signed Source: Nscale — Nscale Contracts Approximately 200,000 NVIDIA GB300 GPUs with Microsoft |
| OpenAIai lab | — | Undisclosed | — | 31 Jul 2025 | announced OpenAI intends to be an offtaker at Stargate Norway. Source: Nscale — Nscale, Aker and OpenAI to establish Stargate Norway |
Financing & M&A
| Date | Type | Amount | Detail |
|---|---|---|---|
| 18 Sept 2026 | ipo | — | Nscale — IPO (S-1 filed) (announced) Shares and price range not yet determined. Lead bookrunners Goldman Sachs, J.P. Morgan, Morgan Stanley. Source: Nscale — Nscale Files Registration Statement for Proposed Initial Public Offering |
| 9 Mar 2026 | equity | $2.0B | Nscale — Series C Investors: Aker ASA, 8090 Industries, NVIDIA, Dell Technologies, Nokia Source: SiliconANGLE — AI cloud startup Nscale raises $2B in funding at $14.6B valuation |
| 1 Oct 2025 | debt | $433.0M | Nscale — Pre-Series C SAFE SAFE instrument; date approximate. Investors: NVIDIA, Dell Source: Silicon Republic — Nscale bags $433m in SAFE round days after historic $1.1bn Series B |
| 25 Sept 2025 | equity | $1.1B | Nscale — Series B Largest Series B in European history (company claim); exact date approximate. Investors: Aker ASA, Sandton Capital, Fidelity Management & Research, G Squared, Point72, T Capital Source: Vestbee — London-based AI infrastructure startup Nscale secures $1.1B Series B round |
| 1 Dec 2024 | equity | $155.0M | Nscale — Series A Source: Nscale — Nscale $155M Series A: Words from the CEO |
Neocloud Observatory
Evidence-scored analysis
Category B · Vertically Integrated AI Infrastructure · data quality 71.8/100 · snapshot 25 Sept 2026
Capacity by maturity (MW)
Each stage is reported separately and never added together. Announced GPUs never count as operational.
- Operational Unknown
- Under construction Unknown
- Contracted 240 MW
- Secured Unknown
- Announced 230 MW
- Stated pipeline 290 MW
- Company target Unknown
- GPUs operational
- Unknown
- GPUs contracted
- 200,000
- GPUs announced
- Unknown
GPU platforms: GB300 · NVIDIA GB300 NVL72
Financial position
- Annualised revenueDERIVED: H1 2026 annualised
- $283.5M
- Revenue growth (YoY)
- 1,252%
- Backlog
- $51B
- Disclosed contract value
- $43.8B
- Valuationpost money funding valuation
- $14.6B
- Equity raised (captured)
- $3.3B
- Debt raised (captured)
- $433M
- Total debt (reported)
- Unknown
- Hyperscaler credit supportnot cash raised
- Unknown
Scorecard
score-v1.0 · 0–100 · scores with under 34% evidence coverage stay empty
Business Model Quality 45 evidence coverage 100%
- contracted revenue model: 80 (weight 0.4) — long-term contracted model
- model diversity: 66 (weight 0.2) — hyperscaler_capacity_supply, sovereign_ai_cloud, infrastructure_development
- margin: 0 (weight 0.25) — net margin -725%
- software upside: 0 (weight 0.15) — 0 software layers
Capital Access 73 evidence coverage 90%
- total capital raised: 67 (weight 0.3) — $3.69B equity+debt captured
- raised last 12m: 71 (weight 0.25) — $3.53B in 12m
- valuation: 72 (weight 0.2) — post_money_funding_valuation valuation $14.60B
- strategic backers: 90 (weight 0.15) — NVIDIA/AMD investor or hyperscaler credit support
- cost of debt: unknown (weight 0.1) — no rate disclosed
Competitive Moat 55 evidence coverage 80%
- physical control: 73 (weight 0.3) — power/land/DC control
- software depth: 0 (weight 0.25) — 0 software layers
- contracted lock in: 90 (weight 0.25) — backlog/contract value $51.00B
- operational reputation: unknown (weight 0.2) — not rated
Concentration Risk (higher = riskier) Insufficient evidence evidence coverage 20%
- top customer share: unknown (weight 0.8) — UNKNOWN
- few customers: 60 (weight 0.2) — 2 disclosed customers
Customer Diversification 40 evidence coverage 40%
- top customer share: unknown (weight 0.6) — concentration UNKNOWN
- distinct customers: 40 (weight 0.4) — 2 disclosed customer relationships
Customer Quality 92 evidence coverage 100%
- hyperscaler or lab: 95 (weight 0.5) — hyperscaler and AI-lab customers
- contracted value: 88 (weight 0.5) — disclosed contract value $43.80B
Execution Risk (higher = riskier) 85 evidence coverage 100%
- build to operating ratio: 100 (weight 0.45) — 240 MW to build vs 0 MW operating
- soft pipeline share: 68 (weight 0.25) — 520 MW secured/announced/speculative
- organisational youth: 76 (weight 0.3) — founded 2024
Financial Durability 47 evidence coverage 80%
- revenue scale: 44 (weight 0.3) — annualised revenue $284M (DERIVED: H1 2026 annualised)
- net margin: 0 (weight 0.2) — net margin -725%
- cash: unknown (weight 0.2) — cash UNKNOWN
- backlog coverage: 100 (weight 0.2) — backlog/revenue 179.9x
- public disclosure: 40 (weight 0.1) — private
Financial Risk (higher = riskier) 72 evidence coverage 100%
- losses: 100 (weight 0.3) — net margin -725%
- debt to revenue: 33 (weight 0.3) — captured debt / annualised revenue 1.5x
- reliance on new capital: 94 (weight 0.25) — 12m capital raised / revenue 12.5x
- revenue scale inverse: 56 (weight 0.15) — revenue $284M
Geographic Position 77 evidence coverage 100%
- countries: 72 (weight 0.6) — Norway, Portugal, United Kingdom, United States
- sovereign positioning: 85 (weight 0.4) — sovereign AI positioning
GPU Supply Position 88 evidence coverage 100%
- gpu fleet and contracted: 81 (weight 0.4) — 200,000 GPUs operational+contracted
- vendor relationship: 95 (weight 0.3) — NVIDIA investor/Exemplar
- latest generation: 90 (weight 0.3) — GB300, NVIDIA GB300 NVL72
Growth Momentum 59 evidence coverage 100%
- revenue growth yoy: 95 (weight 0.4) — YoY growth 1252%
- capacity momentum: 45 (weight 0.25) — 240 MW contracted/under construction
- recent major events: 0 (weight 0.2) — 0 major confirmed events in 180d
- capital raised 12m: 67 (weight 0.15) — raised $3.53B in 12m
Infrastructure Execution 47 evidence coverage 60%
- delivered projects: 20 (weight 0.4) — 1/5 tracked projects (partially) operational
- operational share of hard mw: unknown (weight 0.4) — 0 of 240 hard MW operational
- building now: 100 (weight 0.2) — 3 under construction
Management Execution 20 evidence coverage 50%
- delivered capacity: unknown (weight 0.5) — 0 MW delivered to date
- milestones 180d: 0 (weight 0.3) — 0 confirmed major milestones (180d)
- disclosure discipline: 50 (weight 0.2) — private
Operational Capacity Insufficient evidence evidence coverage 0%
- operational mw: unknown (weight 0.65) — operational MW UNKNOWN
- operational gpus: unknown (weight 0.35) — operational GPUs UNKNOWN
Power Pipeline Quality 49 evidence coverage 100%
- weighted pipeline mw: 50 (weight 0.5) — ladder-weighted 252 MW
- hard share: 32 (weight 0.3) — 32% of stated MW is operational/under construction/contracted
- physical power control: 73 (weight 0.2) — physical-layer control 73/100
Software Platform Maturity 0 evidence coverage 50%
- software layers: 0 (weight 0.5) — none evidenced
- software control: unknown (weight 0.25) — software-layer control 0/100
- independent rating: unknown (weight 0.25) — not rated
Strategic Partnerships 93 evidence coverage 80%
- vendor equity: 95 (weight 0.4) — NVIDIA investor
- hyperscaler ties: 90 (weight 0.4) — hyperscaler customer or credit backstop
- exemplar or rating: unknown (weight 0.2) — n/a
Technical Differentiation 0 evidence coverage 70%
- differentiators: 0 (weight 0.7) — no clear differentiator evidenced
- independent rating: unknown (weight 0.3) — not rated
Technical Strength Insufficient evidence evidence coverage 25%
- independent rating: unknown (weight 0.45) — not rated
- exemplar cloud: unknown (weight 0.15) — n/a
- fabric evidence: unknown (weight 0.15) — fabric UNKNOWN
- stack documentation: 36 (weight 0.25) — 3 technology layers evidenced
Vertical Integration 82 evidence coverage 100%
- stack control: 82 (weight 1) — 6 of 12 layers evidenced; 6 UNKNOWN
Career Opportunity 53 evidence coverage 81%
- growth momentum: 59 (weight 0.2) — Growth Momentum
- capital access: 73 (weight 0.15) — Capital Access
- technical strength: unknown (weight 0.12) — Technical Strength
- software platform maturity: 0 (weight 0.12) — Software Platform Maturity
- power pipeline quality: 49 (weight 0.1) — Power Pipeline Quality
- geographic position: 77 (weight 0.06) — Geographic Position
- strategic partnerships: 93 (weight 0.08) — Strategic Partnerships
- hiring: unknown (weight 0.07) — open roles (public boards)
- inv financial risk: 28 (weight 0.1) — 100 - financial risk
Data Quality 72 evidence coverage 82%
- dq coverage: unknown (weight 0) — 0.824
- dq avg confidence: unknown (weight 0) — 0.666
- dq primary source pct: unknown (weight 0) — 0.36
- dq freshness days: unknown (weight 0) — 0
- dq conflicts: unknown (weight 0) — 0
- dq missing count: unknown (weight 0) — 3
Worth Investigating? (not investment advice) 63 evidence coverage 84%
- growth momentum: 59 (weight 0.18) — Growth Momentum
- technical differentiation: 0 (weight 0.12) — Technical Differentiation
- customer quality: 92 (weight 0.12) — Customer Quality
- power pipeline quality: 49 (weight 0.12) — Power Pipeline Quality
- capital access: 73 (weight 0.12) — Capital Access
- strategic partnerships: 93 (weight 0.1) — Strategic Partnerships
- technical strength: unknown (weight 0.08) — Technical Strength
- infrastructure execution: 47 (weight 0.08) — Infrastructure Execution
- operational capacity: unknown (weight 0.08) — Operational Capacity
- novelty bonus: 15 (weight 0.3) — company ≤3 years old
Overall Scale Potential 70 evidence coverage 85%
- power pipeline quality: 49 (weight 0.3)
- capital access: 73 (weight 0.25)
- customer quality: 92 (weight 0.2)
- operational capacity: unknown (weight 0.15)
- vertical integration: 82 (weight 0.1)
Overall Survival Probability (5y, %) 69 evidence coverage 90%
- model: unknown (weight 1) — logistic(durability, capital access, customer quality, risks)
Forecasts (rule-based, P10–P90)
| Horizon | Operational MW | Annualised revenue |
|---|---|---|
| 12 months | 108 MW (48 MW–181 MW) | $1.1B ($666.3M–$1.4B) |
| 24 months | 217 MW (132 MW–320 MW) | $2.8B ($1.1B–$4.3B) |
| 36 months | 293 MW (179 MW–401 MW) | $4.9B ($1.5B–$8.6B) |
| 60 months | 337 MW (217 MW–456 MW) | $9.4B ($2B–$19.8B) |
Stored in an immutable prediction ledger and scored against reported outcomes when they fall due. Predictions, not facts.
Outcome probabilities
| Outcome | 12 mo | 24 mo | 36 mo | 60 mo |
|---|---|---|---|---|
| Remain independent | 88% | 77% | 66% | 46% |
| Acquired | 6% | 12% | 17% | 27% |
| Merge | 1% | 2% | 3% | 5% |
| Fail | 5% | 10% | 14% | 22% |
| IPO | 80% | 85% | 90% | 95% |
| Acquire another company | 12% | 23% | 32% | 47% |
| Financial distress | 10% | 20% | 28% | 42% |
| Major cloud scale (≥2 GW operational or ≥$10B revenue) | 0% | 0% | 4% | 47% |
| Remain niche | 95% | 90% | 82% | 31% |
| Strategic pivot | 15% | 20% | 25% | 35% |
| Exit AI infrastructure | 1% | 2% | 3% | 5% |
Ownership outcomes (independent, acquired, merge, fail) sum to 100% at each horizon; the others are independent events.
Vertical-integration stack
- energy PARTNERED Hydropower via Aker JV in Norway; grid elsewhere. (inferred)
- land CONTROLLED Owned/JV sites in Norway and UK. (inferred)
- data center CONTROLLED Builds own sites; also colocation (Start Campus). (inferred)
- power cooling CONTROLLED Designs facilities. (inferred)
- gpu hardware OWNED Procures GB300 fleet for Microsoft contract. (inferred)
- network UNKNOWN Not disclosed in sources reviewed. (inferred)
- storage UNKNOWN Not disclosed. (inferred)
- bare metal OWNED Delivers GPU infrastructure services. (inferred)
- orchestration UNKNOWN Not disclosed. (inferred)
- cloud api UNKNOWN Not disclosed. (inferred)
- ai platform UNKNOWN Not disclosed. (inferred)
- managed ai UNKNOWN Not disclosed. (inferred)
Not yet sourced: power mw.operational, cash, employees.
Timeline
-
18 Sept 2026 · ipo
Nscale — IPO (S-1 filed) (announced) Shares and price range not yet determined. Lead bookrunners Goldman Sachs, J.P. Morgan, Morgan Stanley.
Source: Nscale — Nscale Files Registration Statement for Proposed Initial Public Offering -
9 Mar 2026 · equity
Nscale — Series C
Source: SiliconANGLE — AI cloud startup Nscale raises $2B in funding at $14.6B valuation -
15 Oct 2025 · fact
Nscale contracts ~200,000 NVIDIA GB300 GPUs with Microsoft
Source: Nscale — Nscale Contracts Approximately 200,000 NVIDIA GB300 GPUs with Microsoft -
1 Oct 2025 · debt
Nscale — Pre-Series C SAFE SAFE instrument; date approximate.
Source: Silicon Republic — Nscale bags $433m in SAFE round days after historic $1.1bn Series B -
25 Sept 2025 · equity
Nscale — Series B Largest Series B in European history (company claim); exact date approximate.
Source: Vestbee — London-based AI infrastructure startup Nscale secures $1.1B Series B round -
31 Jul 2025 · project
Stargate Norway (Aker Nscale JV, Kvandal/Narvik) (under construction)
Sources: Nscale — Nscale, Aker and OpenAI to establish Stargate Norway, DatacenterDynamics — Aker Nscale plans another data center in Narvik, Norway -
31 Jul 2025 · announcement
Nscale, Aker and OpenAI announce Stargate Norway (230 MW, 100k GPUs target by end-2026)
Source: Nscale — Nscale, Aker and OpenAI to establish Stargate Norway -
13 Jan 2025 · project
Nscale Loughton (Essex) AI data center (under construction)
Source: Wikipedia — Nscale — Wikipedia -
1 Dec 2024 · equity
Nscale — Series A
Source: Nscale — Nscale $155M Series A: Words from the CEO
Recent coverage
Updated 1 Nov 2026, 11:54 UTC
- 20 Oct 2026 Data Centre
Nscale shops second Anthropic deal at Monarch data center campus: Report
Nscale, a London-based vertically integrated AI infrastructure company,is reportedly in talks to sell Anthropic US$ 44.6 billion in compute power at its Monarch data center campus in West Virginia. This is the second deal the data center developer is negotiating with Anthropic, according to Bloomberg, who spoke…
W.Media
- 19 Oct 2026 Data Centre
Nscale Loses Microsoft Deal as Power Delays Threaten AI
The cancellation highlights the financial risks developers face when grid connections fall behind project schedules and customers cannot wait for capacity.
Data Center Knowledge
- 19 Oct 2026 Data Centre
Microsoft withdraws from Nscale’s UK AI data center plans
Microsoft has withdrawn from the UK’s largest AI data center project in Loughton, Essex over concerns about electricity supplies. Nscale, a British vertically integrated, full-stack AI infrastructure and neocloud company remains committed to the facility’s development which was announced in 2025, and originally…
W.Media
- 16 Oct 2026 Data Centre
Nscale's Glomfjord data center delayed, site suffers leaks in cooling system and a fire
Company is shortly planning its IPO
DatacenterDynamics
- 28 Sept 2026 Data Centre
Nscale raises $3.36bn in funding as AI infrastructure demand grows
Nscale Limited (Nscale), an AI cloud platform and data center operator, has secured US$ 3.36 billion in convertible debt financing, with investment firm Third Point leading the round. The financing will be provided in two parts, Nscale will receive US$ 2.36 billion at closing, while NVIDIA, an American…
W.Media
- 25 Sept 2026 Data Centre
AI cloud and data center firm Nscale raises $3.36bn ahead of its IPO
Follows publication of IPO prospectus
DatacenterDynamics