Nscale, a London-based company that builds full-stack AI cloud infrastructure, has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission for a proposed initial public offering, according to Nscale's own announcement. The company has applied to list its ordinary shares on the New York Stock Exchange under the ticker symbol "NSCL."
The number of shares to be offered and the expected price range have not yet been determined, and the registration statement has not yet become effective, meaning the shares cannot be sold until the SEC review process is complete.
Goldman Sachs, J.P. Morgan and Morgan Stanley will serve as lead bookrunners for the offering, with RBC Capital Markets, BofA Securities, Deutsche Bank Securities, Credit Agricole CIB, TD Securities, Mizuho, KeyBanc Capital Markets, Cantor, SMBC Nikko and Wolfe | Nomura Alliance acting as additional bookrunners.
Nscale describes itself as a vertically integrated full-stack AI cloud platform that combines software, compute infrastructure and power. The company operates or is developing data centers in Narvik and Glomfjord, Norway, as well as Loughton, UK, and Texas, and lists West Virginia among its available locations, according to Pulse 2.0. It also works with partner-operated facilities in Sines, Portugal; Keflavik and Blönduós, Iceland; Stavanger and Oslo, Norway; Hayes, UK; and North Carolina.
The filing comes as demand for AI computing capacity continues to drive major investment in data centers and power infrastructure, with cloud providers and infrastructure operators competing for GPUs, power capacity, and sites capable of supporting high-density computing.