London AI infrastructure firm Nscale plans US IPO with $51B contract backlog

London-based AI infrastructure firm Nscale is preparing for a US IPO as early as September 2026, advised by Goldman Sachs and JPMorgan Chase. The company has revealed a massive $51 billion contracted revenue backlog, with Q2 2026 revenue surging to over $100 million. Backed by a $2 billion Series C round valuing it at $14.6 billion, Nscale is expanding its capacity to 10GW and acquiring software firm Anyscale for $1.65 billion to build a vertically integrated AI infrastructure stack.

Nscale US IPO preparations

• ▪Nscale appointed Microsoft veteran Nidhi Chappell as president of AI infrastructure and JPMorgan's Alice Takhtajan as chief financial officer.
• ▪Nscale's board of directors includes former Meta chief operating officer Sheryl Sandberg, former Yahoo president Susan Decker, and former UK deputy prime minister Nick Clegg.
• ▪Goldman Sachs and JPMorgan Chase are reportedly advising Nscale on its potential US initial public offering.
• ▪London-based AI infrastructure company Nscale is preparing for a US initial public offering as early as September 2026.

AI infrastructure revenue growth

• ▪Nscale told prospective investors it has secured approximately $51 billion in total contracted revenue.
• ▪Nscale's quarterly revenue grew to more than $100 million in the second quarter of 2026, compared to around $37 million in the first quarter of 2026.

Nscale fundraising rounds

• ▪Nscale emerged in December 2024 from Melbourne-based cryptocurrency miner Arkon Energy following a $155 million Series A funding round.
• ▪Nscale secured a $900 million revolving credit facility in July 2026 from a bank syndicate led by JPMorgan Chase and Goldman Sachs.
• ▪Nscale's historical fundraising includes a $1.1 billion Series B in September 2025, a $433 million pre-Series C SAFE round, a $1.4 billion GPU-backed loan in February 2026, and a $790 million debt facility in May 2026.
• ▪Nscale raised a $2 billion Series C funding round in March 2026 that valued the company at $14.6 billion.

Anyscale acquisition

• ▪The acquisition of Anyscale is expected to add roughly 200 employees and a customer roster including Coinbase, Runway, and Bedrock Robotics to Nscale.
• ▪Nscale agreed in late July 2026 to acquire distributed AI software company Anyscale for approximately $1.65 billion, with the deal expected to close in the second half of 2026.

GPU capacity expansion

• ▪Nscale's contracted chip inventory includes approximately 194,000 contracted Nvidia Vera Rubin GPUs alongside deployed Blackwell processors.
• ▪Nscale is expanding its chip inventory, holding approximately 25,000 active chips and about 289,000 active and contracted chips as of the second quarter of 2026.

Vertical integration strategy

• ▪Nscale is expanding its infrastructure capacity towards 10 gigawatts of AI data center capacity.
• ▪Nscale differentiates itself from competitors by pursuing a vertical integration strategy, owning its power, data centers, GPUs, and software layer.

1 source