AI infrastructure company Nscale is preparing to raise up to $3 billion in a US initial public offering, according to Bloomberg. The offering would rank among the year’s largest Wall Street debuts, valuing the firm at up to $25 billion.
The Financial Architecture of an AI Titan
Goldman Sachs and JP Morgan are acting as joint bookrunners for the transaction. The banks have previously sketched a prospective valuation of up to $25 billion, or approximately 255 billion Norwegian kroner. This target represents a near-doubling from the $14.6 billion valuation Nscale commanded during its Series C funding round in March.
That $2 billion Series C round was co-led by Aker—controlled by Kjell Inge Røkke—and 8090 Industries. Aker contributed $350 million in direct capital at the time. With the newly projected $25 billion valuation on Wall Street, Aker’s fully diluted 22.7 percent stake in Nscale translates to a holding worth roughly 58 billion kroner. This valuation solidifies Nscale as the company’s second-largest investment, trailing only Aker BP.
Danske Bank and Pareto Securities had previously anticipated a sharp valuation markup ahead of a prospective US public listing.
Contracted Backlog and Revenue Velocity
Nscale has informed prospective investors that it holds roughly $51 billion in total contracted revenue.
Multi-year compute contracts are recognized in full upon execution—long before the first GPU is powered on. Actual revenue figures passed $100 million in the second quarter, compared with $37 million in the first quarter and roughly $33 million recorded across the entirety of 2025. Annualized top-line generation tracks between $400 million and $500 million.
From Crypto Mining to Norwegian Megawatt Clusters
The company’s structural lineage traces back to 2024, when founder Josh Payne spun Nscale out of Australian cryptocurrency mining firm Arkon Energy. The partnership with Aker began through a cold message sent to Øyvind Eriksen.
Nscale currently maintains 831 megawatts of active and contracted power capacity, with a long-term roadmap targeting 10 gigawatts. In Norway, the company’s Narvik data center campus serves clients including Microsoft and OpenAI. Nscale completed a $1.65 billion acquisition of software developer Anyscale in July.
The 30-Second Verdict
- The Deal: A planned $3 billion US IPO valuing Nscale at up to $25 billion.
- The Backing: Aker holds a 22.7 percent equity stake.
- The Scale: $51 billion in total contracted pipeline revenue paired with 831 megawatts of active and secured power capacity.
