Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

<ul>
<li>Nscale, an AI infrastructure and GPU cloud provider, has filed its registration statement with the SEC for a NYSE listing. GS, JPM and MS are the lead bookrunners.</li>
<li>We look at the company's core products: Nscale Infrastructure and Nscale Cloud.</li>
<li>We then look at the company's financial profile, loss-making status, pre-IPO valuation and investor backing.</li>
</ul>


Nscale, an AI infrastructure and GPU cloud provider, has filed its registration statement with the SEC for a NYSE listing. GS, JPM and MS are the lead bookrunners.
We look at the company's core products: Nscale Infrastructure and Nscale Cloud.
We then look at the company's financial profile, loss-making status, pre-IPO valuation and investor backing.


Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Nscale raised $2 billion in Series C funding in March 2026 at a $14.6 billion valuation, with proceeds intended to support further deployment of AI infrastructure across Europe, North America, and Asia.</li><li>The company builds GPU-optimized data centers in northern Norway that leverage 100% renewable hydroelectric power and natural cooling.</li><li>The Texas site, leased from Ionic Digital, currently operates at 240MW with an option for Microsoft to add 700MW starting in late 2027, with the campus able to scale to 1.2GW.</li></ul>

Nscale raised $2 billion in Series C funding in March 2026 at a $14.6 billion valuation, with proceeds intended to support further deployment of AI infrastructure across Europe, North America, and Asia.The company builds GPU-optimized data centers in northern Norway that leverage 100% renewable hydroelectric power and natural cooling.The Texas site, leased from Ionic Digital, currently operates at 240MW with an option for Microsoft to add 700MW starting in late 2027, with the campus able to scale to 1.2GW.

United States

Provider of AI infrastructure solutions, including sustainable data centers and GPU cloud services

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Nscale (NSCL US)

Nscale Pre-IPO: Tearsheet

Nscale has filed its S-1 for a NYSE listing. In this tearsheet, we look at the company's business and operating profile, its industry backdrop, its...

Ke Yan, CFA, FRM

Primer: Nscale - 15 Jun 2026

Provider of AI infrastructure solutions, including sustainable data centers and GPU cloud services

Sacra

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