AI chip rental company Nscale is preparing for an IPO at an estimated valuation of about $35 billion. According to Odaily, the company is small and relatively new, and while its growth accelerated over the past year and its contracted revenue is comparable to that of CoreWeave, nearly all of its about $103 billion in contract commitments depend on data centers that have not yet been built. Some of those projects have also not raised all of the construction funding they need.