London-based AI infrastructure company Nscale is seeking a valuation of up to $35 billion in its planned NYSE listing, but many investors are pushing back on that ambitious target. The company filed its S-1 with the US SEC on September 18, 2026, planning to raise approximately $3 billion, while its last private valuation stood at $14.6 billion in March 2026. Nscale’s contract backlog totals $103.4 billion, but only about 2.5% of that value was active as of late August. The firm raised $3.36 billion through pre-IPO convertible notes on September 25, 2026, with a conversion cap set at a $30 billion valuation, providing early investors with downside protection should the IPO price fall below that level. The six-month delay at its Norwegian facility, Microsoft’s exit from a UK project, and pressure on comparable valuations are all weighing on the company’s ability to attract public market buyers.
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