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MonSep 21Nscale is seeking a US$35 billion IPO valuation; a listed Norwegian holding company owns about a fifth of it, last marked at US$14.6 billion

Nscale, the London AI data-centre builder with a US$103 billion contracted order book and a US$1 billion first-half loss, filed publicly for a New York listing on September 18, 2026 and is reported to be seeking a US$35 billion valuation.

Aker ASA, listed in Oslo, was Nscale's largest shareholder at 22.8% fully diluted and carried the stake at NOK 32 billion on June 30 — the arithmetic of what the IPO does to Aker's net asset value, and whether its holding-company discount survives the stake becoming liquid, is the opportunity.

ai65Nscale IPO reported for as early as late September 2026; Aker ASA reports third-quarter net asset value in the autumn7

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