Nscale still plans to proceed with an IPO, targeting a $30 billion valuation, people familiar with the matter said. According to Odaily, founder and CEO Josh Payne told employees in a recent internal memo that the AI data center developer, which evolved from a Bitcoin mining company, faced “insatiable” market demand and had a “robust capital structure,” adding, “The numbers speak for themselves.”

The planned listing comes as the AI infrastructure sector faces pressure. Nscale says it has signed $103 billion in contracts, but had delivered 55 megawatts of computing capacity as of August 2026, while potential contract demand corresponds to 10 gigawatts. Its data center projects have also faced delays, safety violations and operational challenges. Microsoft recently withdrew from one of Nscale’s data center projects in the United Kingdom.