Technology
Investors push back on Nscale's $30B+ IPO valuation
Some investors want the AI cloud firm's NYSE listing valued at $16B–$19B, roughly half what the company is seeking, Bloomberg reports.
The answer
Some investors want Nscale's NYSE IPO valued at $16B–$19B, well below the $30B–$35B it seeks.
What happened: Some investors want AI cloud firm Nscale's NYSE IPO priced far below what the company is seeking, according to Bloomberg.
The numbers: Those investors want a valuation of $16B–$19B. Nscale is seeking $30B–$35B.
The catch: Investors cite two concerns. Nscale's flagship site in Norway is running at 6.4 MW against a 30 MW target. And only about 2.5% of its $103.4B contracted backlog is currently active.
Why it matters: The gap is wide. The top of the investors' range sits below the bottom of the company's ask. Backlog that is contracted but not yet running is the core of the pushback.
The context: The report follows a slide in CoreWeave's shares and bonds on rate fears. That points to investor caution on AI infrastructure more broadly.
What's next: Final IPO pricing and timing have not been announced.
Sources
- AI cloud firm Nscale faces investor pushback over IPO valuation — Bloomberg, 18 October 2026