Nscale meets investor resistance over its IPO valuation target

Nscale wants public markets to value it at up to $35 billion. According to Bloomberg, a number of investors are pushing back on that figure. The London-based AI infrastructure company is trying to go public just as enthusiasm for AI build-outs is cooling, construction schedules are slipping, and rival listings are being shelved. What Nscale is asking for Nscale filed its S-1 registration statement with the US SEC on September 18, 2026. It plans to list on the NYSE under the ticker NSCL. The company is looking to raise approximately $3 billion through new shares. Its valuation target reaches as high as $35 billion, although some reports put the figure closer to $30 billion. That is a big step up from its last private price. Nscale was valued at $14.6 billion in its Series C round in March 2026, so the top of the target is roughly 2.4 times that mark. Nscale can at least point to the quarter. First-half 2026 revenue came in at $140.6 million, compared with $10.4 million a year earlier, a 1,252% increase. The filing showed a net loss of $1.02 billion, which means the company is spending heavily to reach a size that the revenue line has not yet caught up with. The backlog problem The b...