Nscale

Nscale is a Europe-based technology company that operates data centres and GPU cloud infrastructure. Headquartered in London, the company was founded in 2024 by Joshua Payne. Nscale spun out from Arkon Energy, a Melbourne, Australia-based infrastructure business focused first on securing power and building in ideal AI compute location, including those with abundant renewable energy sources and a provider of infrastructure for crypto mining. Arkon was based in Melbourne, and Payne is Australian. The FT reported that "Nscale was born (from “stealth mode”) out of Arkon Energy, a Melbourne, Australia-based crypto miner following a $155mn Series A funding round in December 2024. At the same time, Nscale's bitcoin mining operations were being wound down." Nscale's Series B investment round in 2025 raised $1.1 billion from companies like "Aker, the Norwegian industrial investment company, with additional participation from a raft of firms including NVIDIA, Nokia and Dell". By October 2025, Nscale secured $433 million in a pre-Series C SAFE funding round and had expanded into Portugal, the UK, US, and Iceland. In March 2026, Nscale raised $2 billion in its Series C funding round as former Meta COO Sheryl Sandberg, former Yahoo! president Susan Decker, and former U.K. deputy prime minister Nick Clegg joined its board of directors. The company achieved a valuation of $14.6 billion in March 2026.