Insider: Nscale Still Plans to Proceed with IPO, Targeting $30 Billion Valuation

According to insiders, in the face of market skepticism, Josh Payne, founder and CEO of Nscale—an AI data center developer that pivoted from a Bitcoin mining company—has disclosed that the company still plans to proceed with its IPO, with a target valuation of $30 billion. In a recent internal memo to employees, he stated that Nscale has "insatiable" market demand and a "robust capital structure," adding that "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 $103 billion in contracts, as of August 2026 it has delivered only 55 megawatts of computing capacity, while the capacity corresponding to potential contract demand reaches 10 gigawatts. In addition, Nscale's data center projects face delays, security violations, and operational challenges, and Microsoft recently withdrew from one of its UK data center projects. (Bloomberg)