Nscale Weighs Delaying a $35 Billion Listing Priced at About 124 Times Annualised Revenue

Nscale, the London data-centre developer backed by Nvidia, is considering delaying its planned New York listing until next year, The Telegraph reported on November 10, according to a Reuters summary. Nscale had not responded to Reuters by publication.

Reuters did not say it had confirmed the report. As of this writing, no decision has been announced.

What the filing asked for

City AM reported on September 20 that Nscale had filed for a U.S. initial public offering on the New York Stock Exchange at a valuation of up to $35 billion, while keeping its British domicile. Reuters says the company sought about $3.5 billion in September, including $2 billion from Nvidia, and plans to trade as NSCL.

Reuters does not reconcile the $35 billion and $3.5 billion figures. City AM reads $35 billion as the valuation target and does not state a raise size. We follow City AM on that point.

The multiple against what Nscale earned

City AM puts first-half revenue at $141 million and the net loss at $1 billion, mostly non-cash charges. Doubling the half gives $282 million annualised, our arithmetic and not a company forecast. Against that, $35 billion is roughly 124 times.

The March round valued Nscale at about $14.6 billion, led by Aker and 8090 Industries, with Nvidia, Dell and Nokia taking part. The IPO target is 2.4 times that mark, six months later.

1. March round14.6 $ billions
2. IPO target (up to)35 $ billions

Source: City AM, September 20, 2026, accessed 2026-11-12

The pitch rests on contracts, not revenue. City AM says Nscale had data centres running about 25,000 GPUs under contracts worth $2.6 billion at the end of August. Nvidia plans to deploy 436,000 chips under $101 billion of contracts with Nscale, and Anthropic signed in August to rent capacity at its West Virginia site, worth up to $45 billion over six years.

Microsoft, in two accounts

The reports disagree on Microsoft. City AM says Microsoft withdrew in August from Nscale's flagship UK data centre. Reuters says Microsoft declined, days before the Telegraph report, an option to rent more computing power at a Texas data centre. These may be two separate events. Neither source says so.

Item	Figure	Source
IPO valuation target	Up to $35 billion	City AM
March valuation	About $14.6 billion	City AM
H1 revenue	$141 million	City AM
H1 net loss	$1 billion	City AM
GPUs running, end of August	About 25,000	City AM

The board includes Nick Clegg, described by City AM as a former deputy prime minister, and Sheryl Sandberg, a former Meta executive. Josh Payne is the founder. Nscale was spun out of the Australian bitcoin-mining infrastructure group Arkon Energy in 2024.

Compare Agility Robotics, whose $2.5 billion Nasdaq listing rests on $1.8 million of revenue. We also reported on Anthropic's IPO filing, which pairs nine-month revenue with a net loss. Nscale's filing sets a $1 billion half-year loss beside $141 million of revenue.

The next thing to watch is whether Nscale confirms or denies the Telegraph's account, and whether its filing is amended.