Nscale buys Anyscale for $1.65 billion, folds Ray into a full-stack agent cloud

The London neocloud absorbs the Ray commercial steward, adding a workload-orchestration layer on top of its own power, data centers and GPUs.

Nscale is acquiring Anyscale for roughly $1.65 billion, according to a person familiar with the terms cited by Bloomberg, pulling the commercial steward of Ray inside a British neocloud that already builds its own data centers and racks its own GPUs. The two companies declined to disclose terms in their joint release, but the direction is unambiguous: the compute layer is buying the orchestration layer.

The strategic read is that neoclouds have decided renting bare GPUs isn’t a defensible business. Nscale raised a $2 billion Series C in March at a $14.6 billion valuation, backed by a cap table (Nvidia, Nokia, Blue Owl, Dell, Aker) that reads like a hardware-and-capital consortium betting on vertical integration. Anyscale, which last priced at $1.38 billion in a 2022 Series C, becomes the software surface those partners can sell into.

Josh Payne, Nscale’s founder and CEO, frames the thesis plainly: “We build and own every layer ourselves: the power, the data centers, the compute, and the software that turns them into an AI cloud.” Keerti Melkote, Anyscale’s CEO, calls the combined entity “the first full-stack AI hyperscaler,” saying that “By combining Anyscale’s platform, built on Ray… with Nscale’s data centres, compute and AI cloud services – we’re creating the first full-stack AI hyperscaler.”

Ray itself was donated to the PyTorch Foundation in 2025, and Nscale will join the foundation as part of the deal, a governance move meant to reassure a developer base that just watched its orchestration framework get absorbed into a hyperscaler-in-waiting. Anyscale keeps its brand and customers; its roughly 200 employees across the US, Europe and India come along. Co-founders disclosed 70% sequential revenue growth last quarter in a blog post.

Goldman Sachs and Morgan Stanley advised Nscale; Qatalyst advised Anyscale. Close is expected in the second half of 2026, pending regulators. The Ray community’s next chapter now runs through a landlord that also owns the building.

Nscale buys Anyscale for $1.65 billion, folds Ray into a full-stack agent cloud

Sources