UK-based neocloud startup Enscale’s dramatic growth continues apace, with the company revealing that it has raised a $2 billion Series C funding round, valuing it at $14.6 billion.
According to Enscale, the Series C round is the largest ever recorded in Europe, although this claim is not independently verified. It builds on a $1.1 billion Series B in September, followed by a $433 million pre-Series C simple agreement for a future equity agreement, a type of contract that gives the investor the right to receive shares at a later date. The latest funding includes a Pre-Series C.
The sums involved are significant, given that Enscale was only formed in 2024, emerging from an Australian Bitcoin mining firm. It is now one of the major players in the ongoing race to build AI infrastructure, develop data centers and operate cloud services.
The latest investment was led by Aker USA and 8090 Industries, with significant support from big names like Nvidia – which has already provided massive support – and Nokia, Lenovo, Citadel and Dell.
As well as disclosing the new funding, Enscale also underlined its growing influence by appointing several high-profile members to its board of directors.
In the top spot is Meta’s former chief operating officer Sheryl Sandberg, who is joined by another former Meta executive, the social media giant’s one-time president of global affairs, Nick Clegg – best known in the UK for his tenure as the country’s deputy prime minister from 2010 to 2015. The other addition is former Yahoo president Susan Decker.
One of Enscale’s deals over the past year is commitment Deploying 200,000 Nvidia GB300 GPUs for Microsoft at certain data center locations, including Barstow, Texas; Sciences, Portugal; in Loughton, Essex in the UK; and Narvik, Norway.
For the Norwegian project, which was initially announced as a joint venture with Aker, Enscale now said it would assume full control, although Aker remains a major shareholder in the London-based company.
Enscale is also involved in developing a data center in Keflavik, Iceland with UK-based Verne Global Data Center Company.
Enscale said it will use the latest investment to accelerate infrastructure development in Europe, North America and Asia with a focus on expanding its engineering and operations teams.
“This is the fourth industrial revolution; the world is changing rapidly,” CEO Josh Payne said in a statement. “Over the next five years, artificial intelligence will be integrated into every industry, every product and every job – accelerating drug discovery, extending human life, making travel and robotics autonomous, increasing productivity and driving massive growth.”
Enscale is seen as attempting to bring an IPO to 2025, with Payne previously telling the Financial Times that the seller was targeting “the end of next year (2026)”. It’s unclear whether that deadline is still on track.
