Josh Payne, the founder of British data centre start-up Nscale, is set to receive performance-related share-based payments potentially worth up to $350 million following the company’s planned flotation on the New York Stock Exchange. The package, disclosed in the company’s prospectus, is structured to ensure Payne’s “continued long-term alignment” with shareholders and represents approximately 2.5 percent of Nscale’s share capital. These shares are scheduled to vest in stages from 2028 to 2032, contingent on meeting targets related to stock price performance, deployment of computing capacity, and other operational goals.
Nscale, which is targeting a valuation of around $35 billion (£26 billion), has benefitted from growing demand for computing power driven by advancements in artificial intelligence. The company reported revenue of $140.6 million in the six months ending June 2026, a significant increase from $10.4 million the previous year. However, net losses also widened from $368.9 million to $1.02 billion during the same period. Nscale attributed these losses to substantial investments in expanding data centre capacity and acquiring the necessary hardware to fulfill its contracts, with further losses expected as this expansion continues.
At the end of August, Nscale disclosed it had 55 megawatts (MW) of active capacity tied to $2.6 billion in contracted revenue, and an additional 1.3 gigawatts (1,300 MW) in development linked to $101 billion worth of contracts that have not yet commenced. The company estimated that one megawatt can supply power to between 600 and 1,000 homes, and stated it aims to achieve 10 gigawatts (GW) of capacity in the future. Despite this ambitious outlook, Nscale acknowledged risks inherent to its limited operating history, rapid market changes, and revenue concentration among a small number of customers, factors that may complicate assessments of its business and prospects.
Josh Payne, aged 32 and originally from New South Wales, Australia, founded Nscale in 2024 after spinning it out from his earlier venture, Arkon Mining, a bitcoin-focused company established in 2019 and since renamed Arkon Energy. Prior to entrepreneurship, Payne worked in coal mining and manual labor. His compensation in 2025, including share awards, amounted to £17.2 million, nearly matching the £17.7 million earned by Pascal Soriot, the highest-paid chief executive in the FTSE 100 at AstraZeneca that year.
Nvidia has been a significant investor in Nscale, committing over $2 billion, including a $1 billion convertible note issued just prior to the flotation. Jensen Huang, Nvidia’s CEO, has referred to Nscale as a “national champion for the UK,” highlighting the strategic importance of the company within the data centre and AI sectors.
The prospectus emphasizes the company’s belief that Payne’s leadership is critical for successfully executing Nscale’s long-term strategy, capitalizing on emerging opportunities, and enhancing shareholder value. The flotation and associated compensation scheme mark a significant milestone in the rapidly evolving and competitive field of large-scale computing infrastructure.