Nvidia-backed Nscale considers delaying $35 billion listing

Nscale, the UK AI data center company backed by Nvidia, is considering delaying its $35 billion New York IPO into next year after a global tech selloff erased $3 trillion in US market value and weighed on highly leveraged AI valuations. The company filed with the NYSE in September targeting a valuation of up to $35 billion, though some investors believe current conditions may support less than half that figure, down from a $14.6 billion valuation in an earlier funding round this year. The listing has already been set back by Microsoft's exit from a lease at Nscale's flagship Essex site and rejecting space at other facilities, with grid connection delays potentially pushing that site into the next decade. Nscale's contracts with customers including Microsoft and Anthropic are worth more than $100 billion but depend heavily on new data centers being built, and Nvidia had been expected to invest another $1 billion this month. Under US market rules, the company has only days to launch trading unless it issues new quarterly results, and it is expected to report third-quarter earnings soon without a final decision yet made.