The demand for computing power is so fierce that OpenAI’s departure barely mattered to Nscale, which has quickly become one of Europe’s hottest startups, valued at $14.6 billion. Known as a “neocloud,” so called because it is built primarily for the needs of new AI models, it is part of an emergent category of tech companies that have risen up to satiate the market’s ravenous hunger for AI computing power. Nscale is barely two years old, but business is booming, with five data centers in various stages of construction in the U.S., U.K., and Norway. Investors are lining up in advance of a possible IPO later this year. In March Nscale raised $2 billion, the largest round of its kind in European history. Josh Payne, the company’s 32-year-old CEO, tells TIME he wants to turn Nscale into a “$1 trillion hyperscaler”—a new cloud company that can compete with the likes of Amazon, Microsoft, and Google.
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