Nscale — Companies — The Long Build

Nscale is a UK-based AI infrastructure company building data centres across the US, Europe, and Asia-Pacific. In July 2026 it closed a $900 million revolving credit facility, and in September it filed for a New York listing at a targeted $35 billion valuation; the Financial Times reported that ByteDance supplied nearly 75% of its 2025 revenue. Days later it closed a $3.36 billion pre-IPO convertible round led by Third Point, including $1 billion from Nvidia, with notes capped at a $30 billion valuation. On 4 November Microsoft cancelled a deal to lease compute at its Essex data centre, which is unlikely to have power until after 2030; investor Aker called it a minor contract.

Covered in 4 briefings