{"id":"51b8d117-30f7-458b-a25a-119184c9cc05","name":"Nscale","slug":"nscale","description":"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.\\n\\nThe 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.\\n\\nNscale 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.","status":"private","founded":0,"hq":"Undisclosed","hqLat":7.6130084,"hqLng":5.248172,"hqGeocodedAt":"2026-08-23T21:03:32.400Z","hqAddress":null,"hqPrecision":null,"website":"https://www.nscale.com/","fundingTotal":"3688000000","type":"infrastructure","roles":["data_center_operator"],"reviewStatus":"reviewed","heatIndex":52,"lifecycleState":"active","supersededByCompanyId":null,"sources":[{"url":"https://en.wikipedia.org/wiki/Nscale","title":"Nscale (company overview, funding, contracts)"},{"url":"https://www.nscale.com/about","title":"About Nscale (leadership, facilities)"},{"url":"https://www.nscale.com/","title":"Nscale homepage (services, partners, footprint)"},{"url":"https://www.nscale.com/blog","title":"Nscale blog (product announcements, NVIDIA certifications)"},{"url":"https://www.nscale.com/press-releases/nscale-microsoft-2025","title":"Nscale to deliver ~200,000 NVIDIA GB300 GPUs for Microsoft","sourceName":"Nscale","publishedAt":"2025-10-15"},{"url":"https://www.prnewswire.com/news-releases/nscale-files-registration-statement-for-proposed-initial-public-offering-302883591.html","title":"Nscale Files Registration Statement for Proposed Initial Public Offering","sourceName":"PR Newswire / Nscale"},{"url":"https://www.cnbc.com/2026/09/18/nscale-ai-cloud-provider-ipo-nscl.html","title":"AI cloud provider Nscale files to go public","sourceName":"CNBC"},{"url":"https://www.sec.gov/Archives/edgar/data/2110365/000119312526395475/ck0002110365-20260918.htm","title":"Nscale Limited Form S-1 (filed Sep 18 2026)","sourceName":"SEC EDGAR (Nscale Limited S-1)","publishedAt":"2026-09-18"},{"url":"https://x.com/RHouseResearch/status/2102843776578273456","title":"RHouseResearch S-1 take (~$27.5B capital need as of 6/30)","sourceName":"Rittenhouse Research (@RHouseResearch)","publishedAt":"2026-09-23"},{"url":"https://thenextweb.com/news/nscale-bytedance-biggest-customer-nvidia-b200-norway","title":"ByteDance brought in nearly 75% of Nscale's 2025 sales, the FT reports","sourceName":"The Next Web (citing Financial Times)","publishedAt":"2026-09-23"},{"url":"https://www.tomshardware.com/tech-industry/data-centers/filing-reveals-how-bytedance-gained-access-to-over-2-000-nvidia-b200-chips-through-nscales-norway-data-center-singaporean-subsidiary-spring-contributed-73-percent-of-uk-neoclouds-2025-revenue","title":"Filing reveals ByteDance access to 2,000+ Nvidia B200s via Nscale Norway (73% of 2025 revenue)","sourceName":"Tom's Hardware (citing FT / S-1 exhibits)","publishedAt":"2026-09-24"},{"url":"https://x.com/RHouseResearch/status/2103197868538449958","title":"RHouseResearch: FT on Nscale ByteDance revenue concentration","sourceName":"Rittenhouse Research (@RHouseResearch)","publishedAt":"2026-09-24"},{"url":"https://www.prnewswire.com/news-releases/nscale-raises-3-36b-in-pre-ipo-convertible-financing-302890199.html","title":"NSCALE RAISES $3.36B IN PRE-IPO CONVERTIBLE FINANCING","sourceName":"PR Newswire (Nscale)","publishedAt":"2026-09-25"},{"url":"https://www.theguardian.com/technology/2026/sep/24/construction-largest-supercomputer-delayed","title":"Launch of UK's 'largest AI supercomputer' delayed by power supply problems","sourceName":"The Guardian","publishedAt":"2026-09-24"},{"url":"https://datacentrereview.com/2026/07/nscales-2bn-essex-data-centre-hit-by-grid-delays/","title":"Nscale's £2bn Essex data centre hit by grid delays","sourceName":"Data Centre Review","publishedAt":"2026-07-14"},{"url":"https://x.com/thecapitalatlas/status/2105811703308906532","title":"Nscale Essex grid vs 2027 / gas fuel cells (secondary)","sourceName":"X (@thecapitalatlas)","publishedAt":"2026-10-01"},{"url":"https://www.prnewswire.com/news-releases/nscale-appoints-tech-industry-veteran-justin-osofsky-as-chief-operating-officer-302897440.html","title":"Nscale Appoints Tech Industry Veteran Justin Osofsky as Chief Operating Officer","sourceName":"Nscale (PR Newswire)","publishedAt":"2026-10-02"},{"url":"https://economictimes.indiatimes.com/tech/technology/nscale-hires-metas-justin-osofsky-to-be-coo-ahead-of-ipo/articleshow/134658315.cms","title":"Nscale hires Meta's Justin Osofsky to be COO ahead of IPO","sourceName":"Economic Times (Bloomberg)","publishedAt":"2026-10-02"}],"keyFacts":[{"label":"Headquarters","value":"Undisclosed"},{"label":"Status","value":"private"},{"label":"Type","value":"brain"},{"label":"Founded","value":"May 2024, London, by Josh Payne and Nathan Townsend (spun out of Arkon Energy)","sourceUrl":"https://en.wikipedia.org/wiki/Nscale"},{"label":"Total disclosed funding","value":"~$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)","sourceUrl":"https://en.wikipedia.org/wiki/Nscale"},{"label":"Reported valuation","value":"$14.6B at Series C, March 2026","sourceUrl":"https://en.wikipedia.org/wiki/Nscale"},{"label":"Series C strategic investors","value":"Nvidia, Nokia, Dell, Aker ASA among named strategics","sourceUrl":"https://en.wikipedia.org/wiki/Nscale"},{"label":"GPU inventory (target)","value":"~300,000 Nvidia GPUs online by end of 2026 per Jensen Huang; company has not disclosed a live installed-base number","sourceUrl":"https://en.wikipedia.org/wiki/Nscale"},{"label":"Anchor tenant: Microsoft","value":"Multi-site contract to supply ~200,000 Nvidia GPUs to Microsoft (Norway, Texas, Portugal)","sourceUrl":"https://en.wikipedia.org/wiki/Nscale"},{"label":"Anchor tenant: OpenAI + Nvidia","value":"UK 'Stargate'-style buildout at a former coal power station in Northumberland, partnered with OpenAI and Nvidia","sourceUrl":"https://en.wikipedia.org/wiki/Nscale"},{"label":"Datacenter footprint (operated)","value":"Glomfjord and Narvik (Norway), Loughton UK (early 2027), Texas, West Virginia via Monarch Compute Campus acquisition","sourceUrl":"https://www.nscale.com/about"},{"label":"Datacenter footprint (partner)","value":"Sines (Portugal), Keflavik and Blönduós (Iceland), Stavanger and Oslo (Norway), Hayes (UK), North Carolina (US)","sourceUrl":"https://www.nscale.com/about"},{"label":"UK BT partnership","value":"Building 14 MW of AI infrastructure across three BT-owned UK sites","sourceUrl":"https://en.wikipedia.org/wiki/Nscale"},{"label":"Credit facility","value":"$900M revolving credit facility disclosed alongside 2025-2026 buildout financing","sourceUrl":"https://www.nscale.com/"},{"label":"Silicon posture","value":"Nvidia-only public stack (H100/H200/B200 class); NVIDIA cloud partner certifications referenced in product blog","sourceUrl":"https://www.nscale.com/"},{"label":"Notable M&A","value":"Acquired Monarch Compute Campus (West Virginia) and Anyscale (distributed-training software)","sourceUrl":"https://www.nscale.com/"},{"label":"Positioning","value":"Full-stack training-and-inference neocloud with sovereign controls, target PUE 1.10-1.15, liquid-cooled multi-MW modular halls","sourceUrl":"https://www.nscale.com/"},{"label":"Power capacity (planned)","value":"Texas ~240 MW (scalable to 1,200 MW); Glomfjord ~30 MW live"},{"label":"GPU fleet (announced)","value":"~200,000 NVIDIA GB300 (Microsoft, phased 2026-27)"},{"label":"Primary accelerator","value":"NVIDIA GB300 / GB200 / H100 + AMD MI300X"},{"label":"IPO status","value":"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"},{"label":"S-1 outstanding build commitments (as of Jun 30 2026)","value":"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"},{"label":"Anthropic Services Agreements (S-1, Aug 2026)","value":"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"},{"label":"Active + contracted TCV (S-1, Aug 31 2026)","value":"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"},{"label":"ByteDance / Spring ~73% of 2025 revenue (reported)","value":"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"},{"label":"$3.36B pre-IPO convertible notes (Sep 2026)","value":"Company-stated ([company-stated](https://www.prnewswire.com/news-releases/nscale-raises-3-36b-in-pre-ipo-convertible-financing-302890199.html)): 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"},{"label":"Loughton Essex grid delay into 2030s (reported, Sep 2026)","value":"Reported ([reported](https://www.theguardian.com/technology/2026/sep/24/construction-largest-supercomputer-delayed); also [Data Centre Review](https://datacentrereview.com/2026/07/nscales-2bn-essex-data-centre-hit-by-grid-delays/)): 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"},{"label":"Justin Osofsky (ex-Meta) named COO (company-stated, Oct 2026)","value":"Company-stated ([company-stated](https://www.prnewswire.com/news-releases/nscale-appoints-tech-industry-veteran-justin-osofsky-as-chief-operating-officer-302897440.html); also [Economic Times/Bloomberg](https://economictimes.indiatimes.com/tech/technology/nscale-hires-metas-justin-osofsky-to-be-coo-ahead-of-ipo/articleshow/134658315.cms)): 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."}],"aliases":[],"collisionRisk":"low","reviewNote":"SCOPE-REVIEW: Off-axis entity (data center/crypto/investment/telecom/energy) — not core physical AI","atsProvider":null,"atsSlug":null,"factoryLocations":null,"manufacturingCapacity":null,"orgType":null,"burnSignal":null,"litigationEvents":null,"insurancePostureDisclosed":null,"unitEconomicsDisclosed":null,"tickerSymbol":null,"stockExchange":null,"secCik":null,"revenueUsd":null,"revenueBasis":null,"revenueAsOf":null,"employeeCount":null,"employeeCountBasis":null,"employeeCountAsOf":null,"marketCapUsd":null,"marketCapAsOf":null,"marketCapSource":null,"createdAt":"2026-08-19T03:57:47.283Z","updatedAt":"2026-10-03T15:58:44.889Z","jsonLd":{"@context":"https://schema.org","@type":"Organization","@id":"https://registry.deploy.report/companies/nscale","url":"https://registry.deploy.report/companies/nscale","name":"Nscale","description":"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.\\n\\nThe 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.\\n\\nNscale 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.","identifier":"51b8d117-30f7-458b-a25a-119184c9cc05","address":"Undisclosed","publisher":{"@id":"https://deploy.report/#organization"}},"framework_metadata":{"framework_schema_version":"0.1.0","verification_status":"verified","maturity_stage":null,"lifecycle_state":null,"architectural_position":{"cohort":null,"sub_cohorts":[]},"within_cohort_verified_vs_claimed_pair":null,"cap_flags":[],"verification_depth":{"sources_count":18,"primary_source_types":["knowledge-base","primary-company-ir","primary-sec-filing","secondary-established-publication"]}}}