🇬🇧Investors urged AI-cloud provider Nscale to reduce its $30 billion IPO valuation target to $16–19 billion; discussions remain unresolved.

The valuation remains under negotiation. Reports citing people familiar with the discussions said NVIDIA-backed data-center developer Nscale sought an approximately $30 billion initial public offering (IPO) valuation. Some prospective investors argued that $16–19 billion would attract subscriptions more readily, citing developments including the failed listing plans of Firmus, a separate Australian AI data-center company.

The offering has not reached final pricing or completion. Nscale had not formally begun its IPO roadshow and was responding to U.S. Securities and Exchange Commission comments on its offering documents. A separate report said the company sought to raise up to $3 billion and contemplated listing as early as October; these were fundraising and timing objectives, not completed proceeds or a confirmed listing date.

Customer concentration and project execution feature in the reporting. According to a Telegram summary attributing the information to Nscale’s IPO documents, approximately 85% of its contracts depended on Microsoft and Anthropic; the source does not identify this as a revenue percentage. Microsoft’s withdrawal from the Loughton project and delays at Nscale’s Norwegian flagship were also reported, but the underlying filing is not included in the supplied materials.