Nscale IPO Valuation Faces Pushback from Investors, Urging $16B-$19B vs. $30B Target

Investors are reportedly urging Nscale, a British AI cloud operator, to price its upcoming US IPO at a valuation between $16 billion and $19 billion, significantly lower than the company's target of approximately $30 billion. This pushback comes amid operational slippage, including Microsoft canceling a 23,000-GPU deal at Nscale's Essex site due to potential grid connection delays, and the flagship Norwegian data center running six months behind schedule. Microsoft and Anthropic together account for about 85% of Nscale's $103 billion contract pipeline, highlighting concentrated anchor-tenant risk.