Nscale, Rival Of CoreWeave And Nebius, Files For IPO

Nscale, a cloud computing rival of CoreWeave (CRWV) and Nebius (NBIS), has filed for an initial public offering in New York. The U.K.-based company filed its S-1 for Nscale stock late Friday and aims to raise up to $3 billion at a valuation of approximately $30 billion.

• Nscale is an AI infrastructure company founded and co-owned by Josh Payne (CEO) and Nathan Townsend, originating from the crypto mining firm Arkon Energy.
• https://www.nscale.com/

Nscale is among a wave of artificial intelligence "neoclouds." Neoclouds build data centers designed from scratch for crunching artificial intelligence workloads.

They rent out Nvidia (NVDA)-equipped computer servers.

Renaissance Capital estimates that Nscale's IPO could raise around $2 billion.

• The company, which was spun out of a cryptocurreny miner two years ago, reports a $1.02 billion net loss on $140.6 million in revenue for the first half of 2026, versus a $369 million net loss on $10.4 million in revenue for the year-earlier period.
• Nscale also reports over $103 billion of total contracted value, and has raised billions of VC dollars (plus lots of debt) — most recently this past spring at a $13.5 billion post-money valuation — from firms like Aker, Sandton Capital Partners, and Paladin Capital.
• 85% of Nscale’s $103B of contracts are with Microsoft and Anthropic: The company signed multiple deals with Microsoft since late 2025 worth approximately $43.8 billion through 2033. In August, Nscale signed a $44.6 billion agreement with Anthropic to provide computing power through 2033.

Neoclouds Crusoe, Lambda Explore IPOs

Wall Street analysts say neoclouds Crusoe and Lambda are also exploring IPOs, according to reports.

In August, Crusoe reportedly met with bankers about a potential listing. Crusoe then raised $3.9 billion at a $30.9 billion valuation in September. The funding round gives Crusoe enough capital to wait for favorable market conditions.

Like CoreWeave, Nscale has evolved from cryptocurrency mining into AI cloud computing. Chief Executive Josh Payne spun Nscale out of Arkon Energy, a bitcoin-mining data-center company, in 2024.

Nscale initially focused on European data centers powered by renewable energy, particularly hydroelectric power in Norway. It's now expanding into the U.S., U.K., Portugal and Iceland.

Nscale Data Center Expansion

Nscale has 17 contracted data center sites of which five are active, with a total of 1.37 gigawatts of active and contracted capacity. It plans to expand to 10 gigawatts. Data centers are often measured in terms of their power consumption using gigawatts.

While some analysts project a big AI market opportunity for CoreWeave and other neoclouds, others fret about customer concentration and high debt.

Meanwhile, CoreWeave hosts its annual customer conference on Sept. 30.

Holtec Nuclear suspends planned IPO

Holtec Nuclear Corporation (ticker expected: HNUC) filed for a U.S. IPO in July 2026 and launched its roadshow in early September, but suspended the planned offering on or around September 16, 2026, due to market conditions. 

• https://holtecinternational.com/

Company: Camden, New Jersey-based Holtec Nuclear (restructured from Holtec International). It provides nuclear services (including spent-fuel storage and decommissioning), is restarting the Palisades nuclear plant in Michigan (the first U.S. commercial reactor restart after permanent shutdown), and is developing its SMR-300 small modular reactor. It has received ~$400 million in U.S. DOE support for two SMRs at Palisades and holds rights to other former nuclear sites.

reuters.com

Offering terms (before suspension): Up to 50 million Class A shares at $15–$18 each (plus underwriters’ option for 7.5 million more), targeting up to ~$900 million in proceeds and a valuation of up to ~$10.2 billion. Intended listing on Nasdaq and Nasdaq Texas under “HNUC.” Underwriters included J.P. Morgan, Guggenheim Securities, Goldman Sachs, Citigroup, BofA Securities, and others.

holtecinternational.com

Use of proceeds: Primarily to fund the SMR-300 program, expand manufacturing, and support growth (including Palisades restart and related initiatives).

Structure: Dual-class stock. Public Class A shares (one vote each) would represent a minority economic stake (~8.8% pre-greenshoe), with founder-related Class B shares retaining overwhelming voting control.

ts2.tech

Financials (from filings/reporting): Recent quarterly revenue in the mid-$100s millions range with positive net income; trailing figures around $560 million revenue and significant net income (partly influenced by investment gains related to decommissioning trusts). The business has an established profitable services base alongside growth investments in SMRs and plant restarts.

The IPO was expected to price around September 17–18, 2026, but was put on hold amid weaker conditions in the broader market and recent underperformance of other nuclear-sector listings (e.g., X-Energy and Standard Nuclear trading below their IPO prices). Holtec has not publicly commented extensively on the suspension in the available reports, and no new timeline for a relaunch has been announced as of the latest updates. Nuclear IPOs have faced challenges despite long-term interest driven by AI/data-center power demand and policy support for carbon-free energy. For the most current status, check SEC filings or official Holtec announcements, as the situation can change quickly. 

== Baldwin Insurance Group (BWIN) to be taken private by Sequence Holdings, Dell Family Office for $32.50 per share in cash

•  The deal is co-led by Dell's DFO Management and Sequence Holdings. Sequence is a venture capital-backed technology group that embeds engineering teams inside service businesses to modernize their operations. 
• The price of  $32.50 per share represents a nearly 90 percent premium to Baldwin's June valuation, when reports emerged that the company was exploring a sale. 

Dell (DELL) chief Michael Dell's DFO Management, along with Sequence Holdings, will take Baldwin ​Group (BWIN) private in a $7.7 billion deal, the companies said on Monday, ‌providing the insurance broker greater flexibility to pursue AI investments.

The deal reflects a growing shift to private ownership to finance costly AI upgrades. Operating outside public markets can allow ​managements to focus on long-term investments without the pressure of quarterly ​earnings cycle or share-price swings that often accompany short-term margin compression ⁠during major technological overhauls.

The deal — led by DFO Management, the investment vehicle for Dell Technologies' founder and CEO — will provide Baldwin ​with patient capital, ​bypassing the rigid ⁠investment timelines and forced exits typical of traditional private-equity firms.