Nscale IPO Marks UK Tech Flight to US With Ambitious Valuation

By the Editorial Team · Sunday, September 27, 2026

Nscale, a British data centre start-up valued at $14.6 billion, filed for an IPO on the New York Stock Exchange, aiming for a valuation up to $35 billion and attracting major global investors. This choice reflects a broader trend of UK tech companies pursuing US markets for capital and visibility amid challenges in domestic funding options.

Nscale, a British data centre start-up, filed for an initial public offering (IPO) in New York last week, opting to list on the US stock market rather than the London Stock Exchange. The move highlights a growing trend among UK-founded technology companies seeking capital in the United States.

Founded three years ago by Australian entrepreneur Josh Payne, Nscale is backed by Nvidia, the artificial intelligence chipmaker. The company was valued at $14.6 billion in a funding round this past March but is now targeting a valuation as high as $35 billion (£26 billion) in its upcoming IPO. Despite listing in New York, the offering will be accessible to UK retail investors through a UK retail offer.

Payne’s background is unconventional. Before establishing Nscale, he worked in a coal mine and as a manual laborer, and briefly explored bitcoin. He later founded a recruitment firm in 2017 and a special acquisition company (Spac) in the US. Nscale traces its origins to Arkon Energy, a bitcoin mining company also founded by Payne.

The company has attracted significant investment from international firms. Major backers include Norwegian investment company Aker, New York-based credit investor Sandton Capital Partners, and Washington-based private equity firm Paladin Capital. Additionally, Citadel, Apollo, and the Abu Dhabi Investment Council participated in a recent pre-IPO funding round by providing loans that will convert to shares upon the IPO.

As Nscale prepares to go public, it has brought on several high-profile directors. Sir Nick Clegg, the former UK deputy prime minister and current Meta executive, joined the board during the March funding round and holds over 900,000 shares, with potential for substantial gains following the listing. Sheryl Sandberg, former chief operating officer of Meta, and Susan Decker, former president of Yahoo! from 2007 to 2009, also joined the board in the same round.

Nscale’s decision to list in New York underscores ongoing challenges for UK tech firms seeking funding and global market visibility, despite government ambitions to establish the UK as a leader in artificial intelligence and related industries.

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.