Ex-coal miner eyes up AI riches

By the Editorial Team · Tuesday, September 22, 2026

Josh Payne's UK-based start-up Nscale, a rapidly growing AI data centre company valued at $14.6 billion, is preparing for an IPO on the New York Stock Exchange that could raise up to $35 billion. The listing will gauge investor interest in the competitive data infrastructure sector as Nscale plans major capacity expansion backed by multi-billion-dollar contracts despite recent net losses.

Josh Payne, a former coal miner from Newcastle, Australia, is positioning himself as a significant figure in the artificial intelligence data centre industry with his UK-based start-up, Nscale. Founded just three years ago and now valued for a planned initial public offering (IPO) on the New York Stock Exchange, Nscale could raise as much as $35 billion (US$35 billion) in the listing.

Payne, 32, relocated to London in recent years and has rapidly capitalized on the expanding demand for data centre infrastructure, securing partnerships with industry heavyweights such as Nvidia and Microsoft. Nscale’s board also includes prominent figures like former Meta Chief Operating Officer Sheryl Sandberg and former UK Deputy Prime Minister Nick Clegg. According to the company’s IPO prospectus, Payne may ultimately hold approximately 3.4 percent of Nscale’s shares, which could be worth around US$1.2 billion based on projected equity values.

Nscale’s move to go public closely follows an anticipated listing by Firmus, a company headed by Oliver Curtis—another Australian entrepreneur in the data centre sector—and his cousin Tim Rosenfield. Firmus aims for a valuation near $50 billion on the Australian Securities Exchange but remains a few weeks behind Nscale in its listing timeline. Unlike Firmus, Nscale’s prospectus provides detailed financial disclosures, offering insight into its rapid revenue growth and scaling strategy.

In the six months ending June 30, Nscale reported revenue of US$140.6 million, a substantial increase compared to US$10.4 million over the same period a year earlier. However, net losses widened from US$36.9 million to US$102 million during that timeframe, reflecting the company’s ongoing investment in growth and infrastructure. Nscale operates data centres across the United States and Europe, with facilities in Portugal and Norway among its portfolio. It counts several major investors and technology partners, including Nvidia, Dell, Nokia, and the Norwegian investment group Aker.

Earlier this year, Nscale secured US$2 billion in funding, valuing the company at US$14.6 billion. As of August, the company reported having 55 megawatts (MW) of active data centre capacity—7 MW owned directly and 48 MW leased from third parties—supporting US$2.6 billion in contracted revenue. The firm further disclosed plans for significant expansion, with an additional 1.3 gigawatts (GW) of capacity in development backed by contracts valued at approximately US$10 billion, although those projects have yet to commence operations.

Nscale’s IPO will test investor appetite for emerging data infrastructure providers amid a competitive and capital-intensive industry, as it aims to carve out a leading position in the AI-driven growth of cloud computing services.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.