Nscale, an Nvidia-backed AI data center developer, had sought an IPO valuation of about $30 billion, but some investors have recently advocated a valuation of $16 billion to $19 billion to attract buyers.

According to ChainCatcher, Bloomberg cited people familiar with the matter in reporting the discussions. Nscale is addressing comments from the U.S. Securities and Exchange Commission on its IPO filing and plans to resolve them before beginning its roadshow; discussions are ongoing, and no final decision has been made. Microsoft previously withdrew from a data center partnership with Nscale in the UK after limited power supply delayed the project.