Nscale is readying for an initial public offering, and has hired Goldman Sachs and JPMorgan to help prepare for the listing.

Reuters reports that the company has not yet set a timeline for the listing; back in October, The Financial Times reported that the company planned an IPO in the latter half of 2026.

Ahead of the IPO, the Nscale is working with the same banks on a $2 billion fundraising round.

The company raised $155 million in December 2024, and another $1.1bn from backers including Aker, Nvidia, and Nokia in September 2025. That was quickly followed by a $433m raise.

Its latest round valued the business at $3.1bn.

The British-based company has several large data center projects in the works, notably backed by Microsoft and OpenAI.

In January 2025, it announced it planned to invest £2.5bn ($3.4bn) in the UK, with the first facility in Loughton, Essex, set to be home to a Microsoft supercomputer.

Microsoft and Nscale are working on a $10bn Portugal data center project at the Start Campus in Sines, and the hyperscaler has signed capacity deals with the neocloud in Texas and Norway.

Nscale is also working with OpenAI to power its Stargate UK data centers, and developing Stargate Norway, with OpenAI renting space – and an eventual 100,000 GPUs – at a data center in Kvandal, outside Narvik, northern Norway, which is being developed by Aker.

The company plans to develop facilities across Europe, North America, and the Middle East.

At the same time, Nscale has bolstered its executive team. The company has hired Microsoft executive Nidhi Chappell as president of AI infrastructure, Palantir’s Lauren Hurwitz as COO, and JPMorgan’s Alice Takhtajan as finance chief.