Neocloud Nscale Engages Goldman Sachs and JPMorgan for Anticipated Public Listing
February 4, 2026
Neocloud Nscale, a UK-based developer of specialized data centers for artificial intelligence workloads, has taken a significant step toward a public market debut by appointing financial giants Goldman Sachs and JPMorgan Chase to advise on its planned initial public offering. The move underscores the intense investor appetite for infrastructure underpinning the global AI boom, positioning the company among the most closely watched potential listings in the technology sector. According to sources cited by Reuters, the company has enlisted the two Wall Street banks to prepare for the listing, though a definitive timeline has not been set. Previous reports from The Financial Times suggested an IPO could occur in the latter half of 2026. In a parallel development, the company is also working with the same institutions on a substantial private funding round aiming to raise approximately $2 billion, which would precede the public offering. This fundraising effort builds upon a series of successful capital injections that have rapidly escalated Nscale's valuation. The company secured $155 million in December 2024, followed by a $1.1 billion round from backers including Aker, Nvidia, and Nokia in September 2025. A further $433 million was raised shortly thereafter, bringing its latest valuation to $3.1 billion. This capital is fueling an aggressive global expansion, including a planned £2.5 billion ($3.4 billion) investment in the UK and participation in a massive $10 billion data center project with Microsoft in Portugal. Nscale's strategic importance is magnified by its deep partnerships with leading AI firms. It is a key infrastructure provider for Microsoft, supporting supercomputing projects in the UK and having signed multi-billion-dollar capacity deals in Texas and Norway. Furthermore, Nscale is collaborating with OpenAI to power its "Stargate" AI data centers in the UK and is developing a facility in Norway slated to eventually host 100,000 advanced GPUs for the AI pioneer. The company's project pipeline spans Europe, North America, and the Middle East. The impending IPO, facilitated by top-tier financial advisors, signals a maturation phase for the AI infrastructure market. A successful public listing for Nscale would provide a major liquidity event for its investors and set a benchmark for valuing other pure-play AI data center operators. It also highlights the critical and capital-intensive nature of building the physical foundation for the next generation of artificial intelligence, attracting significant attention from both public and private markets.
Source: datacenterdynamics
