Nscale Weighs Pushing $35 Billion NYSE Listing to 2027, Telegraph Reports

Nscale, the London data-centre developer backed by Nvidia, is weighing whether to hold off on its New York Stock Exchange listing until 2027, The Telegraph reported this week. Executives have not made a decision, and the company declined to comment.

The company filed in September to list under the ticker NSCL, with Goldman Sachs, JPMorgan and Morgan Stanley as lead bookrunners. It has not filed a price range or set a listing date. The reported target of up to $35 billion is more than double the $14.6 billion valuation it secured when it raised $2 billion in March.

The numbers in the filing

Nscale's S-1 shows fast growth from a tiny base. First-half 2026 revenue hit $140.6 million, up from $10.4 million a year earlier. Net losses widened to $1.02 billion from $368.9 million, including $457.1 million of fair-value adjustments.

The filing also shows that the company's largest customer accounted for 52% of revenue.

Nscale reported $103.4 billion in active and contracted customer agreements as of Aug. 31, up from $38 billion at the end of 2025. Only $2.6 billion of that, roughly 2.5%, relates to active contracts. The rest depends on agreements that have not started.

The biggest commitment is a contract worth up to $44.6 billion to supply computing power to Anthropic. Microsoft's statements of work, signed between September 2025 and April 2026, are worth up to about $43.8 billion through December 2033, excluding options.

Microsoft steps back twice

In October, Microsoft pulled out of plans to anchor Nscale's Loughton site in Essex after the site was told grid power might not arrive until the early-to-mid 2030s.

The Financial Times then reported, citing three people familiar with the matter, that Microsoft declined an option to more than double its contract at Nscale's site in Ward County, Texas. Microsoft and Nscale both declined to comment to the FT.

One of those people told the FT that Microsoft made the Texas decision months ago, before Nscale's September filing. Nscale has told the FT that the option was closer to 500MW, not the 700MW second phase described when the deal was announced in October 2025.

Nscale's side of the story is that the setbacks are isolated. A person familiar with the matter told the FT that the Texas decision does not affect the roughly $103 billion contracted backlog, and the existing Texas contract stays in place. Nscale is also in talks with several major customers for the remaining Texas capacity.

OpenAI also suspended plans in April for a Stargate UK facility with Nscale on Tyneside, citing UK electricity prices and regulatory uncertainty.

Pricing pressure and the clock

Bloomberg reported last month that some prospective investors were pushing for a valuation of $16 billion to $19 billion. That is roughly half the ceiling set out at filing.

The market backdrop is not helping. CoreWeave, Nscale's closest listed rival, has lost more than a third of its value over the past month as investors question the scale of AI infrastructure spending. It carries $46.9 billion in debt against a $132.5 billion backlog.

Nscale is also borrowing heavily. Its filing lists a $3 billion debt package for sites in Texas and North Carolina, plus $3.1 billion in convertible bonds, including $1 billion from Nvidia. Nvidia has agreed to guarantee up to $860.3 million of Nscale's obligations on the Texas Ionic lease in return for warrants. A $3.36 billion pre-IPO financing led by Third Point came on top of the March round.

There is a timing issue too. Nscale has a closing window in which it can use its current financial statements. If it misses that window, it will have to publish updated quarterly results before pricing.

Anthropic's debut as the test

Anthropic is scheduled to debut in New York on Nov. 19, with a price range of $70 to $78 a share and a valuation of about $1.4 trillion. The offering has reportedly been fully covered, and Google, Nvidia and other strategic backers are in for a $26 billion private placement, according to Bloomberg Intelligence analyst Vasu Kasibhotla.

Kasibhotla told City AM the listing gives Nscale "a modest lift" but is "a modest positive, not a reset." He said Nscale "still faces a much tougher financing story given neocloud leverage concerns, Microsoft's decision not to expand some capacity and its own project-execution risks." A postponement, he said, now looks "materially more plausible" unless Anthropic's first days of trading restore investor confidence.

Anthropic's own filing shows what the sector is asking investors to underwrite. The company disclosed $895.4 billion in spending commitments, substantially all for compute and infrastructure, with about $70 billion due within 12 months of Sept. 30. It reported $33.24 billion in revenue for the first nine months of 2026 and a $104 billion net loss, which it attributes mainly to non-cash accounting charges tied to fundraising. Cash and short-term investments totaled nearly $132 billion.

Willy Lee, capital principal at Neostellar, told The Epoch Times the question comes down to "how explosive and durable will AI growth be over the next three to five years, and will Anthropic capture a meaningful share?"

For Nscale, that question is personal. Anthropic is its largest contracted customer, and a company with $2.6 billion in active contracts is asking public markets to value it against $103.4 billion in signed ones. Anthropic's trading from Nov. 19 will show how much public investors will pay for that gap, and whether Nscale decides to go this year or wait.