Nvidia-backed Nscale is considering delaying its New York Stock Exchange listing, which targets a valuation of up to $35bn, until next year. The figure is more than double the $14.6bn valuation the London data centre developer secured when it raised $2bn in March.
Nscale filed for a New York listing in September under the ticker NSCL, with Goldman Sachs, JPMorgan and Morgan Stanley as lead bookrunners. Executives are now weighing whether to pause the process until 2027, The Telegraph reported this week. No decision has been made and the company declined to comment.
A delay would be the latest setback for one of Britain's most valuable private technology companies. Last month, prospective investors were reported to be pushing for a valuation as low as $16bn, well short of the $35bn ceiling set out at filing.
The March round was led by Aker and 8090 Industries, with Nvidia among the investors. A postponement would leave those backers without a public market price for their holdings until at least next year.
Timing adds pressure. Nscale faces a closing window in which it can use its current financial statements; if it misses it, the company will need to publish updated quarterly results before pricing.
The filing shows a business growing quickly from a small base. Revenue reached $140.6m in the first half of 2026, up from $10.4m a year earlier. Net losses widened to $1.02bn from $368.9m, including $457.1m of fair-value adjustments.
Nscale reported $103.4bn of active and contracted customer agreements as of 31 August. Only $2.6bn of that related to active contracts, leaving the rest tied to agreements that have yet to start.
The largest single commitment is a contract worth up to $44.6bn to supply computing power to Anthropic. Microsoft has withdrawn from plans to be the main customer at Nscale's planned site at Loughton in Essex after grid connection delays pushed power availability into the 2030s. It also declined an option to more than double its capacity at Nscale's Texas site, although its existing contract there is unaffected.
The wider market has turned against the sector. Listed rival CoreWeave has lost more than a third of its value over the past month as investors question the scale of AI infrastructure spending.
Anthropic's own New York debut, set for 19 November at a price range of $70 to $78 a share and a valuation of about $1.4tn, is being watched as a test of appetite. Vasu Kasibhotla, senior technology analyst at Bloomberg Intelligence, told City AM the listing would give Nscale "a modest lift" but described it as "a modest positive, not a reset".
Kasibhotla pointed to concerns over leverage among so-called neoclouds, Microsoft's capacity decisions and Nscale's own execution risks. He said a postponement now looked "materially more plausible" unless Anthropic's first days of trading quickly restored investor confidence.
Original source: City AM — https://www.cityam.com/why-anthropics-mega-ipo-could-offer-hope-to-nscale-after-listing-doubts/
