AI cloud company Nscale is reportedly seeking to raise up to $3 billion in a US initial public offering (IPO), a move that could double the haul of competitor CoreWeave when it listed in early 2025. According to a report from Bloomberg, the offering could take place as soon as September 2026, with Goldman Sachs and JP Morgan Chase & Co advising the neocloud on the listing.
If successful, the $3 billion raise would mark a significant milestone for Nscale, which has been laying the groundwork for a public debut since late 2025. The company formally engaged investment banks in February 2026, the same month it secured a $1.4 billion delayed draw term loan backed by its GPU assets. Momentum continued in March 2026, when Nscale closed a $2 billion Series C funding round at a $14.6 billion valuation, followed by a $900 million revolving credit facility and $790 million in financing dedicated to its Norway data center project.
Nscale currently holds roughly $51 billion in total contracted revenue ahead of the listing, according to the Bloomberg report. The company is also expanding its power capacity, targeting an additional 10GW to its existing footprint of about 831MW of active and contracted power. This growth strategy is anchored by major infrastructure moves, including the acquisition of the 8GW Monarch Compute Campus in West Virginia in March 2026, underscoring its ambitions in the US market.
The company has secured notable customers, including Microsoft, which has signed significant capacity agreements with Nscale in Norway and Portugal. These deals highlight Nscale's role as a key provider of AI cloud infrastructure, particularly in regions where hyperscale demand is accelerating.
Sources familiar with the matter told Bloomberg that deliberations remain ongoing and the IPO plan could still change or be delayed. Nscale declined to comment, and DCD has reached out to the neocloud for additional details.
The potential listing comes amid a wave of tech companies exploring public markets, including Anthropic, Csquare, and SpaceX, while data center operators Vantage, CyrusOne, and DayOne are also reportedly preparing their own IPOs. Nscale's move reflects a broader trend of AI infrastructure providers seeking public capital to fund aggressive expansion, as investors increasingly back companies positioned at the intersection of cloud computing and energy-intensive AI workloads.