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Nscale

London-based vertically integrated AI hyperscaler — power, data centers, NVIDIA GPU clusters and cloud software — with a public S-1 filed for NYSE: NSCL
Nscale is a London-based vertically integrated AI hyperscaler spun out of Arkon Energy in May 2024: it assembles low-cost powered land, builds behind-the-meter power and liquid-cooled data centers, and runs NVIDIA GB300 and Vera Rubin clusters under long take-or-pay contracts, with Nscale Cloud and the pending Anyscale acquisition above the infrastructure. Its S-1 (filed 2026-09-18, NYSE: NSCL) reports $103.4B of contracted TCV — Microsoft statements of work up to ~$43.8B and Anthropic agreements up to ~$44.6B at the Monarch campus in West Virginia, whose financing was not yet committed at filing — against $140.6M of revenue and a $1.02B net loss in H1 2026.
AI 📍 London, UK Founded 2024
Current Valuation
$15B
as of 2026-Q1
DECACORN

QL Price

$13B
-12% vs last round
QuantLogix's current estimate for Nscale, published 2026-10-07 — below the last disclosed round of $15B (2026-Q1).
Confidence
medium
Basis
blended
What backs this price
Last disclosed round $15B 2026-Q1 weight 0.7
Secondary market print $15B 2026-06-27 weight 0.54
Public-company comparables $2.3B LTM to 2026-06-30 weight 0.21
How this price has held up
No round has priced for Nscale since QuantLogix began publishing a price for it, so there is nothing to grade yet. The claim above is on the record from 2026-10-07 and will be graded against the next priced round. See the full accuracy record →
How to actually get exposure to Nscale →
Which publicly-traded funds already hold it, what $10,000 buys, and whether any route is open to you.
Cite this price as QuantLogix QL Price, Nscale, 2026-10-07 (8692d95e28138b30). The id pins this exact claim, so a citation stays checkable after the price moves. Model estimate for research — not a quote, target price, or investment advice.

IPO Outlookfiled

Is Nscale going public in 2026?
Yes — Nscale has filed for an IPO, with a listing expected in 2026. The filing is the company's own step, not a rumor.
What is Nscale's valuation in 2026?
Nscale is valued at $15B as of 2026-Q1, set by its Series C ($2.0B, Mar 2026). That is the last confirmed mark, not a live price — private shares do not trade continuously.
Has Nscale filed an S-1?
Yes. Nscale has filed its S-1.
Who are Nscale's investors?
Nscale's investors include Aker ASA, 8090 Industries, NVIDIA, Sandton Capital Partners, Nokia, Dell Technologies and 13 more.
How much has Nscale raised?
Nscale has raised $3.3B in total across 5 disclosed rounds, most recently a Series C of $2.0B in Mar 2026.
Is Nscale publicly traded — can you buy Nscale stock?
Not yet. Nscale is private until it lists, so there is no ticker to buy. Before the IPO, exposure is limited to pre-IPO secondary marketplaces and funds (accredited investors) or tender offers; after listing, the shares trade on the exchange under the new ticker.
How to actually get exposure to Nscale →
Read the Nscale pre-IPO deep dive · 09/19/2026 →
Answers are derived from the roster record shown on this page — filing status, last round and confirmed marks. Where the record is silent, the answer says so rather than guessing.

Company Profile

CEO
Josh Payne
Founded
2024
HQ
London, UK
Employees
1,000+
Total Raised
$3.3B
Est. Revenue
$163.2M (LTM to 2026-06-30)
Growth
Revenue $140.6M in the six months to 2026-06-30, up 1,252% from $10.4M; fiscal 2025 revenue $33.0M, up 73%. Net loss $1.02B in the half. $103.4B of active and contracted TCV at 2026-08-31 ($2.6B active), ~25,000 active and ~461,000 active and contracted GPUs, ~1.37 GW active and contracted capacity.
Last Round
Series C — $2.0B (Mar 2026) · Lead: Aker ASA, 8090 Industries
IPO Status
filed

Fundraising Status

Series C · $2.0B · 7 mo ago
filedTotal raised $3.3B5 disclosed rounds

Series C Impact

Round Size
$2.0B
Primary financing announced
Post-Money Valuation
$15B
Company-announced mark
Round / Post-Money
13.7%
New capital ÷ post-money
Disclosed Funding
$3.3B
Cumulative disclosed rounds
Step-up compares disclosed post-money valuations. Round / post-money is a financing-size ratio, not an ownership or dilution estimate.

Secondary Market

Implied price / share
$1,102.33
Open interest
1
Secondary price return by period
Secondary market period returns3-month+16.8%6-month+29062%1-year+59485%All-time+110133%
Implied per-share price from private secondary transactions, as of Jun 2026. This is a point estimate, not a quote — the feed carries no bid, ask or spread, and a secondary print is evidence of what someone paid on that date rather than a live market. Compare across every tracked name →

Growth & Valuation

Capital raised per round
Capital raised per funding round$30MSeed$155MSeries A$1.1BSeries B$433MPre-Series C SAFE$2.0BSeries C
Charts built from publicly disclosed funding rounds and revenue estimates. Approximate, not real-time, not investment advice.

Funding History

RoundAmountDateLead InvestorPost-Money
Series C$2.0BMar 2026Aker ASA, 8090 Industries$15B
Pre-Series C SAFE$433MOct 2025——
Series B$1.1BSep 2025Aker ASA—
Series A$155MDec 2024Sandton Capital Partners—
Seed$30MDec 2023——

Vertical Intelligence — AI / ML

Open models
0
verified organization
Downloads (30d)
0
across all models
Followers
62
Attributed to Hugging Face organization "Nscale" as of 2026-10-04. Open-weights footprint only — closed-model usage is not publicly measurable. Verify on Hugging Face ↗

Talent Signal

No public careers page or job board could be found for Nscale as of 2026-09-15. That itself is a datapoint: no open external hiring surface.
Key Executive Moves
INAlice TakhtajanCFO · 2026-09-11
INSam HuckabyPresident · 2026-09-11
From trusted-source news extraction (deep-enrich pipeline); dates approximate publication, not effective date.
Checked the company site and major hosted job boards. Re-checked monthly.

Founders & Key People

Josh Payne

Investors

Aker ASA · 8090 Industries · NVIDIA · Sandton Capital Partners · Nokia · Dell Technologies · Fidelity Management & Research · Point72 · Citadel · Jane Street · Blue Owl · G Squared · Lenovo · Astra Capital Management · Linden Advisors · T.Capital · Kingsway Capital · Florence Capital · Bain Capital Ventures

Products

  • Nscale Infrastructure (dedicated GB300 / Vera Rubin clusters)
  • Nscale Cloud (bare metal, Slurm, NKS, serverless inference, fine-tuning)
  • Nscale Energy & Power (behind-the-meter micro-grids)
  • Anyscale / Ray (acquisition pending, closing with the IPO)

Competitors

CoreWeave · Lambda · Crusoe · Voltage Park
AI InfrastructureGPU CloudHyperscalerUK
Private-company numbers are not real-time. Reflects publicly disclosed valuations from press releases, news reports, and tender offers as of 2026-Q1. Refreshed quarterly.