Nscale, a London-based data center developer backed by Nvidia, faces investor resistance to the roughly US$30 billion valuation it wants for its planned US IPO.

Some investors have pushed for a US$16 billion to US$19 billion valuation, saying that would be more likely to attract buyers after Australian AI data center company Firmus shelved its own listing amid weak demand and falling AI infrastructure stocks.

Nscale filed for a US listing on September 18 and is still responding to comments from the US Securities and Exchange Commission.

Microsoft, an investor and customer, also exited a UK data center deal with Nscale after delays linked to power constraints.

The company raised US$3.36 billion in a pre-initial public offering round last month, led by Third Point, with Nvidia, Apollo, Citadel, Hudson Bay Capital, and Abu Dhabi Investment Council among the investors.

🔗 Source: Bloomberg

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