Neocloud Nscale files for IPO

U.K. neocloud provider Nscale is looking to go public, filing paperwork for an initial public offering on the New York Stock Exchange. The company said the number of shares to be offered and the price range for the proposed offering have not yet been determined. Founded in 2024 via a spin off from Arkon Energy, Nscale has risen to prominence thanks to the AI boom, scaling from $100 million to over $103 billion in total contracted value. Over the same period, its power pipeline has grown from 750 megawatts to 10+ gigawatts. Power is a critical resource and bottleneck for data center developers. The company comprises two major units: Nscale Infrastructure, which spans the land, power, data centers and large-scale AI clusters it uses to serve its customers; and Nscale Cloud, the company's nascent full-stack cloud platform. As of August 31, 2026, its Infrastructure portfolio included approximately 25,000 active GPUs and 461,000 active and contracted GPUs, five active and twelve contracted data center sites, and approximately 1.37 GW of active and contracted capacity. Around $2.6 billion of its total contract value is considered active today. For the six months ended June 30, 2026, it generated revenue of $140.6 million, a more than 1,200% increase from $10.4 million in the same period of 2025. Revenue for the year ended December 31, 2025 increased 73%, from $19.1 million in 2024 to $33.0 million in 2025. "From inception, we built Nscale with an infrastructure-first thesis, building against contracted customer demand, underwriting projects to attractive long-term returns, maintaining prudent leverage and seeking to match the duration of our capital commitments with the strong revenues supporting them. That discipline remains central to how we scale," Founder and CEO Josh Payne wrote in the filing. "We are not simply building for the demand we see today; we are building the platform for what comes next," he added. Read the company's full S-1 filing here and its press release announcing the IPO here.