Nscale, an AI data center developer that pivoted from bitcoin mining, is still moving ahead with plans to go public at a target valuation of $30 billion, according to ChainCatcher, citing people familiar with the matter. Founder and CEO Josh Payne told employees in a recent internal memo that the company has "insatiable" market demand and a "robust capital structure," adding that "the data speaks for itself." The comments come as the AI infrastructure sector faces pressure. Nscale has said it signed $103 billion in contracts, but had delivered only 55 megawatts of computing capacity as of August 2026, while potential contracted demand would require 10 gigawatts of capacity. The report also said the company’s data center projects have run into delays, safety violations and operational issues. Microsoft recently withdrew from one of Nscale’s data center projects in the UK.
AI data center developer Nscale, which transitioned from bitcoin mining, is still planning to go public with a target valuation of $30 billion, according to ChainCatcher, citing people familiar with the matter.
Founder and CEO Josh Payne said in a recent internal memo to employees that Nscale has "insatiable" market demand and a "robust capital structure." He also wrote that "the data speaks for itself."
The report said Nscale is pursuing a listing at a time when the AI infrastructure sector is under pressure. The company has claimed to have signed $103 billion in contracts, but had delivered only 55 megawatts of computing capacity as of August 2026. Potential demand tied to those contracts would require 10 gigawatts of capacity.
The report added that Nscale’s data center projects have faced delays, safety violations and operational challenges. Microsoft recently exited one of the company’s UK data center projects.
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