Sources say that Nscale, a UK AI company backed by Nvidia, has hired banks to prepare for its IPO.
People familiar with the situation said that Nscale Global Holdings, a British artificial intelligence company backed by Nvidia, has hired Goldman Sachs and JPMorgan in order to prepare for a public offering.
Sources who asked not to be named because the discussions were private said that the timeline for a potential listing had not been determined.
Goldman Sachs JPMorgan Nscale all declined to comment.
Nscale's move to a public listing comes after a period of expansion in its data center capacity, which was done to meet the booming demand for AI computing by customers such as Microsoft and OpenAI. In September, Nscale raised $1.1billion from investors such as Norway's Aker or Finland's Nokia in order to accelerate the construction of its data centers.
Bloomberg reported last month that Nscale was working with banks to raise $2 billion in a new funding round. This is just three months after the company raised $1.1 billion through investors. The valuation for the company at the time was $3.1 billion.
In October, The Financial Times reported that Nscale is planning an IPO for the second half of 2026. In October, the company announced that it would be deploying around 200,000 Nvidia processors for Microsoft in its data centers across Europe and the United States. Nscale also is part of the $1 billion partnership announced in July with OpenAI, Aker and Aker for a large AI data center in Norway.
Nscale was founded in 2024 and is known as "neocloud," an AI cloud platform vertically integrated that operates its own data centres, GPUs, software stack, and GPUs to deliver large-scale GPU-powered AI compute, like CoreWeave. As demand for AI computing outpaces supply from hyperscalers, the model is becoming more important.
CoreWeave listed in March 2025, at a valuation of approximately $23 billion. In the following year, its market capitalization increased significantly to approximately $46 billion or $48 billion in early 2026. (Reporting and editing by Nick Zieminski in New York, with Echo Wang reporting from New York)
(source: Reuters)
