ME News reports that on October 29 (UTC+8), according to sources familiar with the matter, Josh Payne, founder and CEO of Nscale—a company transitioning from a Bitcoin mining enterprise to an AI data center developer—revealed that it will proceed with its planned IPO despite market skepticism, aiming for a $30 billion valuation. In a recent internal memo to employees, Payne stated that Nscale has “insatiable” market demand and a “solid capital structure,” adding, “The numbers speak for themselves.”
However, Nscale’s IPO comes at a time when the AI infrastructure industry is under pressure. Although the company claims to have signed contracts worth $103 billion, it has delivered only 55 megawatts of computing power as of August 2026, while the potential contract demand corresponds to a capacity of 10 gigawatts. Additionally, Nscale’s data center projects have faced delays, security violations, and operational challenges, and Microsoft recently withdrew from one of its data center projects in the UK. (Source: ODAILY)
Nscale Aims for $30 Billion Valuation Amid AI Infrastructure Challenges
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Summary
Nscale CEO Josh Payne confirmed the company’s IPO plans in an internal memo, targeting a $30 billion valuation despite a volatile crypto market. The company cites strong demand and a solid capital structure, though it has delivered only 55 megawatts of computing power against a 10-gigawatt need. Recent safety violations and Microsoft’s withdrawal from a UK data center project have raised concerns. With the Fear & Greed Index signaling mixed sentiment, Nscale’s ambitions are facing increasing scrutiny.
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