Key facts
- Nick Clegg could make approximately $40 million from Nscale's planned flotation.
- Clegg owns more than 917,000 shares in Nscale, representing a 0.12% stake.
- Nscale is reportedly seeking a valuation of up to $35 billion in its US stock market listing.
- Sheryl Sandberg's 0.25% stake could be worth $88 million at a $35 billion valuation.
- Nscale was last valued at $14.6 billion in a prior funding round.
- Nscale reported a loss of $1 billion on revenues of $140 million in the six months to June 30.
Nick Clegg, the former UK deputy prime minister, stands to potentially gain around $40 million from the planned US stock market flotation of Nscale, a UK-based datacentre company. Clegg holds over 917,000 shares, representing a 0.12% stake, in the startup that is reportedly seeking a valuation of up to $35 billion. If Nscale achieves this valuation, Clegg's stake could be worth approximately $42 million. Sheryl Sandberg, another board member and former Meta executive, holds a 0.25% stake that could be worth $88 million at the same valuation.
Nscale was last valued at $14.6 billion in a previous funding round, which would imply lower valuations for Clegg's and Sandberg's stakes at about $18 million and $37 million, respectively. The company reported a loss of $1 billion on revenues of $140 million in the six months to June 30, attributing the losses to substantial investments in its capital-intensive business.
Nscale filed its flotation papers in the US on September 18 and aims to debut on the stock market before the end of the year, with a New York listing reflecting its global ambitions and the availability of funding for AI infrastructure in the US. The company sees a significant opportunity in sovereign AI, aiming to help countries develop their own models and infrastructure to reduce reliance on US or Chinese technology. Nscale operates five datacentres in Europe and has 12 more under construction, including in the US.