NScale is a vertically integrated GPU cloud provider frequently compared to platforms like CoreWeave and Crusoe Energy. The company is raising a $2.5 billion Series C round at a $12.5 billion pre-money valuation.
NScale is positioned as a primary neocloud in the European market, building its own data centers and installing proprietary GPU fleets. The company has $37 billion in signed take-or-pay contracts from Microsoft, NVIDIA, and ByteDance. When including their $18.5 billion advanced pipeline—which is largely weighted toward OpenAI—the total backlog reaches $56 billion. For context, this backlog is equivalent to the current RPO of CoreWeave, which recently traded at a $50 billion equity value and a $60 billion enterprise value.
Current institutional backers include Point72, Fidelity, and Blue Owl, with strategic investment from NVIDIA, Dell, and the Aker conglomerate. News reports suggest an IPO is on the horizon.
