Nscale’s reported $30 billion IPO valuation target is $11 billion to $14 billion above a reported investor-preferred range of $16 billion to $19 billion. Startup Fortune reported the lower range on October 29, 2026, attributing it to a report cited by AIWeekly. The difference equals 36.7% to 46.7% of the target.
Two reported positions, and an undated memo
Startup Fortune reported that some investors favored a valuation of $16 billion to $19 billion and that Nscale’s IPO had been delayed until at least December 2026, with a possible slip into 2027. TokenPost separately reported that CEO Josh Payne had told employees in an undated memo that Nscale intended to list on schedule with a $30 billion target.
The accounts put the reported target alongside investor resistance and a timing dispute. The memo’s date is not stated, so its “on schedule” account has no dated place in the chronology.
How large is the reported valuation gap?
The reported investor range is $11 billion to $14 billion below the $30 billion target. Using the target as the denominator, the range is 36.7% to 46.7% lower.
| Reported valuation position | Amount | Difference from the $30 billion target |
| Nscale IPO target | About $30 billion | Reference point |
| Investor-preferred range | $16 billion to $19 billion | $11 billion to $14 billion lower, or 36.7% to 46.7% |
The earlier Series C benchmark
On March 9, 2026, Nscale announced a $2 billion Series C at a company-stated valuation of $14.6 billion. The company’s announcement provides an earlier private-round benchmark; the reported $30 billion IPO target is about 2.1 times that valuation.
Financial results and operating scale
Startup Fortune reported that Nscale generated $140.6 million in revenue and recorded a $1.02 billion loss in the first half of 2026. The report also said revenue was up 1,252% year over year.
TokenPost reported that Nscale’s contracts totaled $103 billion and were associated with 10 gigawatts of potential demand. It also reported 55 megawatts of computing capacity delivered by August 2026. Since 10 gigawatts equals 10,000 megawatts, 55 megawatts is 0.55% of that potential-demand figure. The two measures describe delivered computing capacity and potential demand, respectively.
Loughton adds site-level context
Startup Fortune reported that Microsoft exited a planned tenancy deal at Nscale’s Loughton, Essex, site in October 2026. Microsoft had been set to rent 23,000 GPUs there, and a connection to the national grid was not expected until the 2030s. For more on Nscale’s data-center buildout and IPO plans, read NeoTeo’s earlier report.
