1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Valuation
Discussion
Symbol
NSCL
Sector
Information Technology
Subsector
Software
Offer Range
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Shares Offered
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Implied Upside vs Midpoint
Description
Nscale is a full-stack AI hyperscaler, building the engine of superintelligence. The artificial intelligence market is catalyzing a fourth industrial revolution, as AI-driven productivity gains are integrated into virtually every product, industry, and job. This shift is driving the largest infrastructure build-out in history, as companies and nation-states race to build leading AI capabilities across every major vertical. Over the next five years, we believe the largest companies will be born from this next great exponential technology cycle. Success will be defined not only by algorithms or models, but by access to scalable, reliable, and cost-efficient AI infrastructure capable of supporting them. AI infrastructure is the foundation of this market. The company that builds and operates that foundation on which the AI market sits will become the hyperscaler of tomorrow. Nscale is building that foundation. We believe Nscale is positioned to be one of the lowest cost producers of AI compute, delivering the infrastructure on which the AI economy is being built. With our AI cloud platform designed as part of our vertically integrated model, we deliver AI infrastructure and services to some of the most important technology companies globally. We plan, source, build and operate multiple stages of the AI infrastructure value chain, including powered land and power access, behind-the-meter power generation, data center design and build, facility ownership and operations, GPU fleet deployment and management and our unified software control plane. This integrated approach maximizes our ability to service our customers reliably and economically. Our platform is built on a global portfolio of low-cost powered land and behind-the-meter power sites that support the deployment of AI infrastructure to serve large-scale AI training and inference workloads. We develop large-scale AI campuses in low-cost power regions to enable cost-effective delivery of AI compute across our portfolio while smaller, distributed GPU clusters allow us to serve sovereign workloads or those that require in-country infrastructure deployment. This model allows Nscale to deliver low-cost, reliable, and performant compute to a global customer base running large scale training and inference workloads. Our unified cloud software platform delivers a consistent, secure orchestration layer across our global portfolio, managing scheduling, fleet operations, and system health across heterogeneous environments to provide a reliable, standardized operating model for running AI training and inferencing workloads at scale. At present, our degree of ownership and operational control varies by project and location: our current portfolio includes wholly-owned sites, colocation and leased deployments, where in some cases we do not control the underlying third-party facility. We also do not control all inputs to our platform, such as the manufacture of GPUs, power generation equipment, or other critical infrastructure components, which we instead procure through close partnerships with key suppliers. Given the long lead times associated with the development of large-scale data center campuses, as of August 31, 2026, our active capacity is primarily composed of colocation and leased deployments. These deployments enable us to provide compute capacity in the nearer term, establish and expand customer relationships, and demonstrate our ability to deploy, operate and manage GPU infrastructure and related cloud services at scale. However, the substantial majority of our contracted data center sites by contracted capacity are wholly owned by us and provide us with greater control over key aspects of the AI infrastructure stack, typifying the vertically integrated nature of our platform. Beginning in 2023, we proactively assembled a multi-gigawatt portfolio of powered land in structurally low-cost power markets, positioning the company ahead of accelerating demand for high-density, AI-optimized infrastructure. As demand for AI compute has accelerated, access to reliable, large-scale contiguous power has emerged as the primary gating factor for AI infrastructure deployment. In March 2026, we took a decisive step to secure long-term leadership in the U.S. AI infrastructure market by acquiring 100% of the share capital of American Intelligence & Power Corporation (“AIPCorp”), which includes the Monarch Compute Campus in Mason County, West Virginia, one of the largest AI-dedicated infrastructure sites globally, with a power generation capacity runway scalable to over 6.5 GW of IT load power and over 8 GW of gross power. Following this acquisition, we created a new subsidiary—Nscale Energy & Power—to internalize power origination and development capabilities and establish our Energy & Power division. This early, power-first strategy now underpins our long-term unit-economic advantage and provides the foundation on which we continue to scale our AI campuses and distributed deployments globally. Some of the world’s largest and most advanced technology companies choose Nscale because we deliver large-scale AI infrastructure at structurally lower cost, with exceptional delivery certainty enabled by our vertically integrated model. Our platform is engineered for stable runtime performance and high operational uptime, supported by continuous monitoring, automated alerting, and proactive remediation at the node, rack, and cluster levels. By unifying software, hardware, and data center design within a single platform, we provide customers with a consistent operating environment for AI workloads at global scale. We generate the vast majority of our revenue through long-term, multi-year take-or-pay contracts. These contracts have an industry-leading weighted average contract life of approximately 5.7 years, reflecting the value of our powered land portfolio and vertically integrated infrastructure. Contract terms commence upon successful delivery of GPU compute clusters of infrastructure. We aim to extend customer relationships beyond initial contract maturities through phased infrastructure refresh cycles and modular upgrades that allow customers to deploy successive generations of AI hardware and continue running inference workloads at scale without relocating data or re-architecting platforms. In addition, at the request of our customers, many of our contracts feature a right of first refusal that grants our customers the priority right to secure additional compute capacity, which speaks to the strength of our service and customer relationships. As of August 31, 2026, our infrastructure portfolio included approximately 25,000 active GPUs and 461,000 active and contracted GPUs, five active and twelve contracted data center sites (including seven wholly-owned sites, nine colocation sites, and one leased site) and approximately 1.37 GW of active and contracted capacity (representing 1 GW at owned sites, 200 MW at leased sites and 165 MW at colocation sites), with line of sight to approximately 10 GW of potential power capacity for development across sites under ownership or long-term control and power procurement agreements following the acquisition of the Monarch Compute Campus. Our footprint is concentrated in renewable-rich, low-cost power regions such as Norway, Portugal, Iceland, and select locations in the United States and APAC. Our global footprint, structurally advantageous cost base, and long-standing senior-level relationships across the power, infrastructure, and hardware supply chain provide a differentiated competitive position in addressing emerging demand for sovereign AI solutions and position us well to support continued enterprise adoption and expanding hyperscaler demand. --- In addition to our physical infrastructure, our proprietary full-stack software platform manages the deployment and operation of large-scale AI compute through a single, secure control plane that covers global campuses, edge, and sovereign deployments. The platform layer provides fleet management and observability, quota and identity controls, automated health checks with remediation, and unified policy enforcement, giving customers a single-pane view for scheduling, capacity and SLAs across heterogeneous hardware and geographies. The managed software and application services layers operationalize production-grade primitives, including bare metal, Slurm, NKS and virtual instances, while offering inference, fine-tuning, a curated model library and evaluation tooling. These capabilities shorten time-to-first-token (“TTFT”) and raise GPU FLOP utilization, lowering costs through predictive scheduling and autoscaling. They also enforce enterprise security, provide auditable registries and ensure data-residency controls, while supporting distributed inferencing and edge deployments. To further enhance our software platform, we entered into a definitive agreement to acquire Anyscale on July 28, 2026 (the “Anyscale Acquisition”) and the team behind Ray. Anyscale is an AI compute platform built on Ray, a leading open-source framework for distributed AI. Ray is experiencing exponential growth with 740 million cumulative downloads, including approximately 174 million downloads in the second quarter of 2026 alone. Anyscale brings in the orchestration layer, built around open-sourced Ray, that abstracts away distributed computing complexity and optimizes both training and inference workloads across AI infrastructure. Anyscale, which is already powering AI at AI-native companies and enterprises, expands our customer base and is used by both AI native and traditional enterprise customers to train and run open-sourced models on proprietary data. Approximately 200 employees focused on improving workload performance and infrastructure utilization will join us as part of the Anyscale Acquisition. We deliver enterprise-grade inference today through Nscale Cloud. To date, we have processed billions of tokens, with token usage growing rapidly. Our serverless inference supports a broad set of open models and serves as the foundation of an enterprise-ready inference platform built for reliability, performance, and scale. These production services are tightly integrated with our model and data registries and fine-tuning pipelines, enabling customers to move from prototyping to production with consistent performance and governance. The depth and breadth of our offering, clear advantages of vertical integration, and structural cost efficiencies have enabled us to attract customers and realize significant growth in our business. For the six months ended June 30, 2026 and 2025, we generated revenues of $140.6 million and $10.4 million, respectively, representing an increase of 1,252%. Revenue for the year ended December 31, 2025 increased 73%, from $19.1 million in 2024 to $33.0 million in 2025. As of August 31, 2026, we had approximately $2.6 billion of active and $103.4 billion of active and contracted TCV under long-term take-or-pay contracts with customers, compared to $0.5 billion of active and $38.0 billion of active and contracted TCV as of December 31, 2025. These contracts support the deployment of approximately 461,000 GPUs that were active or contracted as of that date. --- Nscale Global Holdings Limited was incorporated in England and Wales on May 29, 2024, as a private company limited by shares under the U.K. Companies Act 2006 (the “Companies Act”). Nscale Limited was originally incorporated as DSNS Holdings Limited under the laws of England and Wales on December 22, 2025, as a private company limited by shares under the Companies Act. On May 5, 2026, we consummated the Arkon Reorganization and as a result Nscale Limited is the ultimate holding company of Arkon Energy and directly and indirectly of Nscale Global Holdings Limited. Prior to the consummation of this offering, Nscale Limited will re-register as a public limited company and change its legal name to Nscale plc. Our principal executive office is located at Level 5, 16 New Burlington Place, London W1S 2HX, United Kingdom. The telephone number at this address is +44 (0) 208 740 7575. Our website address is www.nscale.com.