(Bloomberg) -- Nscale is seeking to raise as much as $3 billion in its US IPO, according to people familiar with the matter, joining a rush of artificial intelligence data center companies tapping public market investors.
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The London-based company is heading for an initial public offering that could take place as soon as in September, and is working with Goldman Sachs Group Inc. and JPMorgan Chase & Co. on the potential IPO, Bloomberg News has reported.
The company is developing data centers in sites including in Norway and West Virginia, and has told prospective investors it has about $51 billion of total contracted revenue ahead of the listing, people familiar with the matter have said.
Nscale's board includes former Meta Platforms Inc. executives Sheryl Sandberg and Nick Clegg, who previously served as the UK's deputy prime minister.
Deliberations are ongoing, details of the IPO plan could change and the listing could be delayed, the people said, asking not to be identified as the information isn't public. A representative for Nscale declined to comment.
Companies like Nscale are in a race to build out their AI data centers, spending tens of billions of dollars on chips and other equipment, in order to lease out processing power.
That has prompted a wave of IPOs of the vehicles. Blackstone Digital Infrastructure Trust Inc., a data-center acquisition vehicle, raised $2 billion in an IPO in May, while Brookfield-backed Csquare Inc. raised $1.21 billion in an IPO in July. Switch filed confidentially for a listing that could take place as soon as in November, and could seek a valuation in a funding round approaching $50 billion including debt, Bloomberg News reported.
Nscale is working to add 10 gigawatts of power for its AI computing centers, adding to an existing 831 megawatts of active and contracted power, people familiar with the matter have said. A single gigawatt can power roughly 750,000 US homes at any given time.
The company agreed in July to buy software startup Anyscale in a $1.65 billion deal, to help customers use AI computing power more efficiently.
--With assistance from Mark Bergen. Most Read from Bloomberg Businessweek
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