Nscale, a London-based AI infrastructure company, is planning a US IPO to raise up to $3 billion, targeting a September 2026 listing with Goldman Sachs and JPMorgan as lead underwriters. Founded in 2024 by Josh Payne as a spin-off from Akon Energy, the company carries a valuation of $14.6 billion with $51 billion in contracted revenue backlog. Revenue grew from $33 million in 2025 to $37 million in Q1 2026, with Q2 2026 expected to exceed $100 million. The startup raised $1.1 billion in Series B funding in late 2025, followed by a $2 billion Series C in March 2026 and secured a $900 million credit facility in July 2026. CoreWeave’s IPO earlier in 2025 will serve as a public market benchmark for Nscale’s valuation.
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