Nscale is a London-based AI infrastructure company founded in 2024 as a spinoff of the crypto miner Arkon Energy, led by founder and CEO Josh Payne. It builds data center capacity, deploys GPUs and sells cloud services, with a backlog it puts at $103 billion, about 85% from a Microsoft supply agreement and a roughly $45 billion, six-year agreement with Anthropic.
It filed on September 18, 2026 to list on the NYSE under the ticker NSCL at a reported valuation of up to $35 billion. Ahead of the IPO it secured $3.36 billion in convertible financing led by Third Point, with $1 billion from Nvidia. For the first half of 2026 it reported a $1.02 billion net loss on $140.6 million of revenue.