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Clegg's AI Stake Could Fetch $40M
22 Sep
Summary
- Nick Clegg may earn $40m from Nscale's US stock market listing.
- Clegg holds over 917,000 shares, representing 0.12% of Nscale.
- Nscale, a UK-based company, aims for a $35bn valuation in its IPO.
Nick Clegg, the former UK deputy prime minister, is positioned to potentially earn around $40 million from the planned stock market debut of Nscale, a UK-based datacentre company. Clegg, who also serves as a board member, possesses more than 917,000 shares in the startup.
Nscale is reportedly seeking a valuation of up to $35 billion for its flotation, which is anticipated to take place in New York before the end of the year. This planned listing follows Nscale's filing of IPO papers in the US on September 18.
The company reported a loss of $1 billion in the first six months of the year, despite revenues of $140 million. Nscale attributes these losses to substantial investments in its capital-intensive business.
Nscale's chief executive, Josh Payne, highlighted the significant opportunity in sovereign AI, where countries develop their own infrastructure to reduce reliance on US or Chinese technology. He stated that Nscale is well-positioned to meet this demand, particularly in Europe.
Nscale currently operates five datacentres in Europe and has 12 more under construction in various phases, including in the US. The company has been approached for comment.
