Nscale Weighs Delay to $35 Billion NYSE Listing

Executives are reassessing the timing after Microsoft declined a Texas expansion option following earlier power‑connection delays that threaten near‑term revenue.

Overview

Reports on Tuesday said Nscale is considering postponing its planned New York Stock Exchange listing, which had been priced to value the company at about $35 billion.
The company’s September IPO filing shows it plans to list under the ticker NSCL and sought roughly $3.5 billion in the offering, including about $2 billion from Nvidia.
Nscale’s filings show rapid top‑line growth but heavy losses, with $140.6 million in first‑half revenue, a $1.02 billion net loss, and one customer making up about 52% of revenue.
Customer and infrastructure setbacks have pushed the reassessment: Microsoft recently declined an option to expand Texas capacity and earlier power‑connection delays prompted Microsoft to pull back at an Essex site.
Nscale has already raised large pre‑IPO capital and debt—including a $3.36 billion pre‑IPO round, a $2 billion Series C, a $3 billion construction debt package and $3.1 billion of convertibles—which ties its public valuation to the timing of facility energization and contract activation.