Nscale's $35 Billion IPO Is Wobbling Because Its Data Centers Aren't Ready

Nscale, the AI infrastructure company seeking a roughly $35 billion IPO valuation, is facing doubts about the listing because its data centers are behind schedule. Bloomberg reported on October 15 that the company's flagship site in Narvik, Norway, is six months late. The site, built with Aker and backed by Nvidia and Point72, is running only 6.4 of its planned 30 megawatts.

The article stresses that the business is not broken. Second-quarter revenue topped $100 million, up from about $37 million in the first quarter and roughly $33 million for all of 2025. Net losses reached $1.02 billion over six months.

The central issue is the gap between what Nscale has sold and what it can deliver. The company says it has around 289,000 GPUs active and contracted, but only about 25,000 are running today. The article calls that gap the entire bet an IPO investor would be making.

That is why the Narvik delay matters. Six months ago, the article says, closing the gap looked like a question of timing. After Bloomberg's reporting on Narvik, that view is less secure. The text is cut off at that point, so the article's full conclusion is not available here.

For readers following Nordic AI infrastructure, the case shows how much a company's public-market story depends on finishing physical capacity, not just signing contracts for it.