Nscale, a London-based AI infrastructure company founded in 2024, is planning to raise as much as $3 billion in a U.S. initial public offering targeted for September 2026, with Goldman Sachs and JPMorgan guiding the process. The proposed listing would value the company at $14.6 billion, following a $1.1 billion Series B in late 2025 and a $2 billion Series C in March 2026. Nscale has about $51 billion in contracted revenue, reflecting customer commitments for future AI-computing capacity, while revenue rose from approximately $33 million in 2025 to around $37 million in the first quarter of 2026; second-quarter revenue is expected to exceed $100 million. The company is building AI-optimized data centers across the UK, Norway, the U.S. and other regions, and has an NVIDIA partnership for large-scale GPU deployments. Its IPO plans come amid heavy investment in AI infrastructure by Microsoft, Google, Amazon and specialized neocloud operators such as CoreWeave and Lambda. The offering remains subject to change or delay, and investors are likely to focus on how quickly Nscale converts its contracted backlog into recognized revenue and on its margins as facilities become operational.