However, Nscale was last valued in a funding round at $14.6bn, implying lower valuations of Clegg and Sandberg\u2019s stakes of about $18m and $37m, respectively. Forbes has estimated Sandberg\u2019s wealth at $2.4bn, while Clegg has made about \u00a324m from sales of shares in Meta<\/a>, where he was formerly the president of global affairs. Both are paid an annual retainer of $60,000.<\/p>\n The Telegraph first reported Clegg\u2019s potential wealth gain from the Nscale float.<\/p>\n UK-based Nscale filed papers for its flotation in the US on 18 September and could make its stock market debut before the year end. The company is preparing to list in New York, reflecting its global ambitions and the depth of funding available in the US for expensive AI infrastructure projects.<\/p>\n Nscale reported a loss of $1bn in the six months to 30 June, on revenues of $140m. In the flotation document, Nscale said its losses reflected the \u201csubstantial investments\u201d it has made in a \u201chighly capital intensive\u201d business.<\/p>\n Josh Payne, the chief executive of Nscale, has said the company sees a \u201csignificant\u201d opportunity in sovereign AI, where countries develop their own models and infrastructure, in order to reduce reliance on US or Chinese technology.<\/p>\n Christine Lagarde, president of the European Central Bank, and Margrethe Vestager, the former EU competition head, have both called for Europe to do more to develop its own AI infrastructure.<\/p>\n \u201cNscale is well positioned to serve this demand as a trusted, sovereign-capable platform,\u201d said Payne. \u201cThis is particularly true in Europe, where the need for sovereign AI infrastructure is especially acute, and where our British domicile positions us as a natural, trusted partner.\u201d<\/p>\n
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