DEPLOYDatabase

Company

Nscale

www.nscale.com

Nscale is a London-founded neocloud that has rocketed from a 2024 spinout of Norwegian bitcoin-mining group Arkon Energy into one of the most heavily…

Track Nscale
HQ
Undisclosed
Status
private

The verified answer

As of Oct 2026, DEPLOY verifies Nscale: $3.7B raised. 18 sources back the record.

Funding

$3.7B

Overview

Nscale is a London-founded neocloud that has rocketed from a 2024 spinout of Norwegian bitcoin-mining group Arkon Energy into one of the most heavily capitalised GPU-cloud operators in Europe. Founded by Josh Payne and Nathan Townsend, it raised roughly $3.7 billion across four rounds in eighteen months, culminating in a March 2026 Series C reported at a $14.6 billion valuation with Nvidia, Nokia, Dell and Aker ASA among its strategic backers. Its distinguishing bet is vertical integration: Nscale owns land, power and buildings on cold, cheap hydro-powered sites in the Nordics (Glomfjord and Narvik in Norway, plus partner capacity in Iceland) while assembling UK and US campuses aimed at sovereign and hyperscale AI workloads.

The company's growth has been driven almost entirely by two anchor contracts. It is supplying roughly 200,000 Nvidia GPUs to Microsoft under a multi-site deal spanning Norway, Texas and Portugal, and it is Nvidia and OpenAI's chosen partner for a UK "Stargate"-style buildout at a former coal plant in Northumberland. Jensen Huang has publicly said Nscale will have around 300,000 GPUs online by the end of 2026, a scale that puts it in the same tier as CoreWeave, Crusoe and Lambda despite its youth.

Nscale positions itself as a full-stack training-and-inference cloud rather than a pure bare-metal seller: managed Slurm and Kubernetes, an inference endpoint product, and a "Radar" fleet-observability API sit on top of the raw H100/H200/B200 supply. Growth has come by acquisition as well as ground-up build, including the Monarch Compute Campus in West Virginia and a reported acquisition of Anyscale to fold in a distributed-training software layer.

Verified record

Verified deployments
None on file
Active incidents
None on file

Key facts

Headquarters

Undisclosed

Status

private

Type

brain

Founded

May 2024, London, by Josh Payne and Nathan Townsend (spun out of Arkon Energy)

Total disclosed funding

~$3.7B across four rounds: $155M Series A (Dec 2024), $1.1B Series B (Sept 2025), $433M pre-Series C SAFE (Oct 2025), $2B Series C (March 2026)

Reported valuation

$14.6B at Series C, March 2026

Series C strategic investors

Nvidia, Nokia, Dell, Aker ASA among named strategics

GPU inventory (target)

~300,000 Nvidia GPUs online by end of 2026 per Jensen Huang; company has not disclosed a live installed-base number

Anchor tenant: Microsoft

Multi-site contract to supply ~200,000 Nvidia GPUs to Microsoft (Norway, Texas, Portugal)

Anchor tenant: OpenAI + Nvidia

UK 'Stargate'-style buildout at a former coal power station in Northumberland, partnered with OpenAI and Nvidia

Datacenter footprint (operated)

Glomfjord and Narvik (Norway), Loughton UK (early 2027), Texas, West Virginia via Monarch Compute Campus acquisition

Datacenter footprint (partner)

Sines (Portugal), Keflavik and Blönduós (Iceland), Stavanger and Oslo (Norway), Hayes (UK), North Carolina (US)

UK BT partnership

Building 14 MW of AI infrastructure across three BT-owned UK sites

Credit facility

$900M revolving credit facility disclosed alongside 2025-2026 buildout financing

Silicon posture

Nvidia-only public stack (H100/H200/B200 class); NVIDIA cloud partner certifications referenced in product blog

Notable M&A

Acquired Monarch Compute Campus (West Virginia) and Anyscale (distributed-training software)

Positioning

Full-stack training-and-inference neocloud with sovereign controls, target PUE 1.10-1.15, liquid-cooled multi-MW modular halls

Power capacity (planned)

Texas ~240 MW (scalable to 1,200 MW); Glomfjord ~30 MW live

GPU fleet (announced)

~200,000 NVIDIA GB300 (Microsoft, phased 2026-27)

Primary accelerator

NVIDIA GB300 / GB200 / H100 + AMD MI300X

IPO status

Filed Form S-1 for proposed NYSE IPO under ticker NSCL (Sep 18 2026, SEC EDGAR + company PR). Share count and price range blank in filing. Lead bookrunners include Goldman Sachs, J.P. Morgan, Morgan Stanley. S-1 cites H1 2026 revenue $140.6M and net loss ~$1.02B

S-1 outstanding build commitments (as of Jun 30 2026)

SEC Form S-1 (filed Sep 18 2026): as of June 30 2026, outstanding purchase commitments for technology equipment not yet delivered of $24.0B; data center build-out / construction and supporting-services commitments of $3.5B; plus $1.4B aggregate undiscounted payments for leases not yet commenced. Combined ~$29B of disclosed equipment/build/lease commitments as of 6/30 (pre Anthropic Services Agreements). Secondary analyst posts (~$27.5B) approximate this stack; prefer the S-1 line items

Anthropic Services Agreements (S-1, Aug 2026)

SEC Form S-1: on Aug 25 2026 Nscale entered GPU Services Agreements with Anthropic for dedicated GPU infrastructure at Monarch Compute Campus (NVIDIA Vera Rubin NVL72), providing for aggregate payments to Nscale of up to approximately $44.6B. Filing also states that as of the prospectus date Nscale had not obtained binding commitments for the financings required to fund performance under those agreements

Active + contracted TCV (S-1, Aug 31 2026)

SEC Form S-1: as of Aug 31 2026, approximately $2.6B active and $103.4B active+contracted TCV under long-term take-or-pay contracts; ~25,000 active GPUs and ~461,000 active+contracted GPUs; ~1.37 GW active+contracted capacity

ByteDance / Spring ~73% of 2025 revenue (reported)

Reported Sep 23-24 2026 (Financial Times via The Next Web and Tom's Hardware; RHouseResearch X): ByteDance Singapore subsidiary Spring (SG) Pte. Ltd. contributed about 73% (~$24M of $33M) of Nscale's 2025 revenue via a cloud contract covering 2,304 Nvidia B200 GPUs at Nscale's Glomfjord, Norway site. The customer is not named in the main S-1 narrative; Spring appears in a Macquarie loan exhibit. FT link is paywalled this pass; frame as reported secondary citing FT, not a company disclosure. S-1 already logged separately for IPO / TCV / Anthropic

$3.36B pre-IPO convertible notes (Sep 2026)

Company-stated (company-stated): on Sep 25 2026 Nscale announced a $3.36B raise via convertible loan notes led by Third Point, with participation from NVIDIA, Apollo-managed funds, Citadel, Hudson Bay Capital, Abu Dhabi Investment Council, 8090 Industries, and others. Structure: initial $2.36B tranche at closing plus an additional $1B NVIDIA commitment expected mid-November 2026. Notes convert into ordinary shares (or non-voting shares for NVIDIA) automatically on IPO completion. Company restates >$103B TCV (already reflected from S-1). Raise amount, not a new valuation. Goldman Sachs acted as placement agent

Loughton Essex grid delay into 2030s (reported, Sep 2026)

Reported (reported; also Data Centre Review): UK flagship Loughton (Essex) AI data centre (~£2bn; up to 90 MW) faces grid connection only in the early-to-mid 2030s per Guardian reporting, vs planned 2027 opening. Company exploring on-site generation; Data Centre Review previously reported Bloom Energy solid-oxide fuel cell talks as a bridge. Cap: reported secondary; see data-center nscale-loughton-essex

Justin Osofsky (ex-Meta) named COO (company-stated, Oct 2026)

Company-stated (company-stated; also Economic Times/Bloomberg): on Oct 2 2026 London-based neocloud Nscale appointed Justin Osofsky as COO, reporting to founder/CEO Josh Payne. Osofsky spent 18 years at Meta (most recently Chief Partnerships Officer; previously Instagram COO and Meta VP Global Operations). Remit includes People, EMEA, APAC, BD, Communications, Marketing, Global Policy, and M&A. Cap: company PR for the hire. Planned US IPO / raise-size figures in secondary Bloomberg coverage are not in this PR and are held for Ben.

Data & sources

Company filings

1

Press releases

1

News coverage

1

Web sources

15

18 sources backing this record.View all →

Partnerships

Every company Nscale has built with, alongside the ones only announced in a press release.

1 total

Most-frequent partners

  1. 1AWS1× joint976 total

Most recent

Relationships

AAWSTechnology partner

Current leadership (7)

Safety record

No incidents on record for Nscale.

Only active incidents are counted. Retracted incidents are excluded from this summary but remain reachable at their canonical URLs.

Full safety record: incidents, sourcing, and exposure data →

Nscale on the data-center map

Every verified data center Nscale operates that has a mapped coordinate (12 total). Filled circles are Tier-2 facilities and Tier-1 campuses under this operator; click any pin to open its record.

Nscale data centers (15)

AI data centers Nscale operates or is a party to, from the DEPLOY data center registry.

Recent coverage

Nscale in third-party press

Nscale Hires Meta’s Justin Osofsky to Be COO Ahead of IPO

Oct 2, 2026

Oura Hits Pause On IPO While Anthropic’s Prospectus Reveals The Cost Of Its AI Ambitions

Sep 29, 2026

Nscale Secures $3.36B in Convertible Financing Ahead of NYSE IPO

Sep 29, 2026

Appears in DEPLOY reports