Some investors are pushing back on the roughly $30bn valuation that British AI cloud company Nscale is seeking in its planned New York listing, Bloomberg reported, with a group of investors saying $16bn to $19bn would be more likely to attract buyers; no decisions have been made and Nscale has not formally started marketing shares. Nscale, which rents out computing power for training and running AI models, filed for its IPO in September and plans to list on the NYSE under ticker NSCL and raise up to $3bn; its filing showed $103.4bn in signed and active contracts at the end of August, about 85% of it tied to Microsoft and Anthropic, though only a small share was already running. Investors' concerns also include delays at its sites, with the flagship Norway site about six months behind schedule, and Microsoft's withdrawal as main tenant at its planned Loughton, Essex data centre, where grid operators do not expect to supply power until the 2030s. A commentary piece in TMTPost added that Nscale posted about $140m in first-half 2026 revenue against more than $1bn in net loss, and argued that rising interest rates are compressing valuations for asset-heavy compute projects.