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Nscale leans on West Virginia site for $35bn IPO

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Ongoing: AI Cooling

Server racks with blue status lights lined up in an empty data center hall.

The UK AI start-up depends on its Monarch Compute Campus to drive future revenue, even though building problems and stop-work orders have hit the site. Nscale said in IPO filings it has not yet secured financing for the first building.

Anthropic signed a $45bn deal to rent computing power from the first building at the West Virginia site. That deal makes up more than 40 per cent of Nscale's $103bn revenue backlog. Nscale said Anthropic could walk away if financing is not secured by a deadline.

Records seen by reporters show building issues and regulatory scrutiny at the site. Authorities issued stop-work orders over flooding and stormwater controls. The campus covers 2,250 acres and is billed as having 8GW of power capacity.

Reports also say the two companies are in talks to double the Anthropic deal. That would add a second building, and possibly a third.

Key facts

Who
Nscale (UK AI start-up (Nvidia-backed 'neocloud') planning a $35bn IPO)
When
30 October 2026
Where
West Virginia, United States, UK
Status
Reported

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