AI cloud company Nscale is reportedly looking to raise up to $3 billion in a US initial public offering (IPO).

As per a report from Bloomberg, the IPO could be held as soon as September 2026, with the likes of Goldman Sachs and JP Morgan Chase & Co working with the neocloud on the offering.

Should Nscale succeed in raising $3 billion in the offering, it would be double that of competitor CoreWeave, which went public at the end of March 2025.

Reports that Nscale was looking at going public have been mounting since October 2025, with the company hiring the banks in February 2026 for the effort. That same month saw Nscale signing a $1.4bn delayed draw term loan backed by its GPUs.

The following month, Nscale raised $2bn in a Series C funding round that valued the company at $14.6bn, and has since gone on to close a $900m revolving credit facility and secure $790m for its Norway data center project.

According to the Bloomberg report, Nscale currently has around $51 billion in total contracted revenue, ahead of the listing. The company is currently working to add 10GW of power capacity to its footprint, which currently sits at around 831MW of active and contracted power.

Deliberations remain ongoing, and the sources told Bloomberg that the IPO plan could yet change or be delayed.

Nscale declined to comment to the publication. DCD has also reached out to the neocloud for further information.

While based in the UK, Nscale has some major plans for the US, having acquired the 8GW Monarch Compute Campus in West Virginia in March of this year. Nscale has several notable customers, including Microsoft, which has signed significant capacity agreements with the company in Norway and Portugal.

Other companies that have recently filed for IPOs include Anthropic, Csquare, and SpaceX. Data center operators Vantage, CyrusOne, and DayOne are all said to also be planning their own public offerings.