Neocloud IPO Tracker: Who Has Filed, Who Pulled Out, Who Is Next

Nscale and SB Energy are the only companies in the neocloud IPO queue that have published a prospectus, both for New York listings. Australia’s Firmus pulled its float on October 9, Lambda is aiming for 2027 and Crusoe has reportedly talked to banks.

Status on October 20, 2026. Neoclouds are newer companies that rent out AI computing power, mostly on NVIDIA chips, in competition with Amazon, Microsoft and Google. We update this tracker whenever a company files, prices, lists or pulls out.

When Is the Nscale IPO?

No date is set. The London company filed its prospectus publicly on September 18 to list on the New York Stock Exchange as NSCL. It has not started marketing the shares, though, and is still answering questions from the SEC. Its target is a reported $30 billion, while some investors want $16 billion to $19 billion. In March, its last priced round valued Nscale at $14.6 billion. Its board has also filled up with big names this year, from Sheryl Sandberg and Nick Clegg to Frank Slootman, who took Snowflake public in 2020.

At $30 billion, Nscale would be worth 89% of CoreWeave, the listed neocloud with the most AI capacity running, based on CoreWeave’s October 19 closing price. Yet it had 3% of CoreWeave’s revenue in the first half of 2026 and 4% of its live power at the last count. Even $16 billion would be almost half of CoreWeave’s value.

Nscale’s answer is its contracts and its pace. Its filing lists $103.4 billion of signed contract value, mostly with Microsoft and Anthropic, against 55MW running at the end of August. Since then it says it has nearly doubled its deployments to more than 50,000 GPUs and that its new site in Ward County, Texas, is live, but it has not given a new power figure. It is also reportedly negotiating a second Anthropic deal, worth about $45 billion, for another building at its Monarch campus in West Virginia.

On October 18, however, news broke that Microsoft had pulled out of Nscale’s planned site at Loughton, in Essex, where grid power isn’t expected until the 2030s. Nscale says “this unfortunate London-wide grid issue has no impact on our other contracts”. Microsoft’s neocloud deals are “easily cancellable, like we saw with Nscale”, argues Kakashii, a pseudonymous analyst who writes long threads on neocloud filings.

When Will SB Energy Go Public?

No new date is set. SoftBank’s power and data-centre company filed publicly on September 1 to list on Nasdaq as SBE. Its banks then put off pitching the shares to investors because of a gap over valuation. It is reportedly seeking at least $5 billion at a value of about $50 billion, and NVIDIA has agreed to put in $3 billion.

Strictly, SB Energy is a landlord. It builds and powers the buildings that hold the chips, and its filing says it is “substantially dependent” on OpenAI. Almost all of its 8.8GW portfolio is contracted but not yet built. Over the first half of 2026 it lost $3.21 billion on revenue of $138.7 million, mostly from solar and batteries.

What Happened to the Firmus IPO?

Firmus withdrew its ASX float on October 9, two weeks before its shares were due to start trading. The NVIDIA-backed company had set a price of A$11 a share, valuing it at A$43.7 billion (US$30.6 billion), and was raising about A$7.1 billion.

Fund managers balked at the price and at the company’s debt. “It just doesn’t have a compelling valuation,” said John Pearce of UniSuper, the Australian pension fund. Firmus’s 46MW of live power, against more than 900MW signed, ranked it 10th among the biggest neocloud companies.

Now it is reportedly talking to existing investors about a private round of US$2 billion to US$3 billion, and may list in the US later. “Come back and chase me in 12 months,” its co-chief executive, Oliver Curtis, said.

Is Lambda Going Public?

Yes, but not before 2027. The San Francisco company, which rents out NVIDIA chips to AI developers, reportedly hired Morgan Stanley, JPMorgan and Citi in 2025, hoping to list in the first half of 2026. It is now reportedly raising up to $4 billion at $14.5 billion before the new money, led by Coatue and Blackstone.

Its backlog, the value of signed contracts not yet billed, grew from $15 billion in June to $50 billion in September. Most of the jump came from a $35 billion deal with Anthropic, which has filed confidentially for its own IPO. Lambda itself has not filed publicly for an IPO yet.

Is Crusoe Going Public?

Not yet, though it has reportedly held early talks with JPMorgan, Goldman Sachs, Morgan Stanley and Bank of America.

Meanwhile, Crusoe, which built OpenAI’s Stargate campus at Abilene, Texas, is still raising plenty of private money. A US filing on September 17 shows it has sold $3.1 billion of a $3.9 billion private share offering to 108 investors. That round valued it at $30.9 billion including the new money, against up to $18.5 billion for Lambda once its raise closes. Its revenue is reportedly heading for about $2 billion this year.

Which Neoclouds Could List Next, and When?

Yotta in India and Green AI Cloud in Sweden are closest, both aiming for 2027. Yotta’s managing director said in July he hoped to file a draft prospectus within two weeks, but it had not done so by October 20. Fluidstack, founded in Oxford and building data centres for Anthropic, has announced no plan.

How Have Neocloud IPOs Done So Far?

Mixed, and worse lately. Two of the four recent listings below trade under their listing price.

Prices are closing prices on October 19, 2026, and Elice’s first close on October 20. Ionic Digital, a landlord, sold no new shares when it listed, so $53 is its pre-trading reference price.

CoreWeave’s shares are still above their IPO price, but 57% below their high of the past year. Bonds it sold in June at a 9.675% yield have also fallen far enough to yield about 15%, and Max Frumes of the debt research firm 9fin expects other AI-linked debt to follow CoreWeave into distressed territory.

Seoul’s Elice, which mostly rents out AI computing power, closed 32% down on its first day, October 20. It was the worst debut in South Korea for an IPO raising more than $100 million, according to Dealogic, even though institutional investors had bid for about 389 times the shares on offer.

Will Neoclouds Survive?

Not all of them, if Gartner is right. The research firm expects more than 80% of neocloud providers to stop operating independently by 2030, citing “cost pressure and a lack of a differentiating business model”. Germany’s Northern Data has already gone that way. Rumble bought it and is buying out the last minority shareholders.

Kakashii expects worse, and more attempts anyway.

The neocloud IPO massacre is about to get worse. And the neoclouds have no choice but to keep pushing toward IPO.

— Kakashii (@kakashiii111) October 20, 2026

Author: Akos Szima

See Also:

The 10 Biggest Neocloud Companies, Ranked by Power Actually Live

Nscale IPO: $103 Billion of Contracts, Only 55MW Live

Anthropic IPO Valuation at $2tn: Who Prices It, Who Regulates It?

How We Checked This:

We checked each company’s SEC filings on October 21, 2026, plus company statements and exchange data. The Nscale and CoreWeave comparison is our arithmetic, using live power at August 31 and June 30. We recheck on the first Monday of each month. Change log: October 21, 2026, first published.

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This tracker is based on company filings, announcements, exchange data and news reports and is not investment advice. MRKT 3.0 has no commercial relationship with any company named above.