Nscale Banks on US Data Center Project to Justify $35B IPO Target

Nscale is targeting a $35 billion valuation for its planned initial public offering on a US exchange, up from earlier goals of $30 billion, relying on the growth of a vast Texas data center project to justify the pricing despite financing risks and local opposition. The company's expansion into the United States is supported by Nvidia, which has provided more than $1.17 billion in equity funding and lease guarantees to help manage about $24 billion in outstanding equipment commitments for 2026 and 2027.