Nscale IPO估值遭投资者反对 300亿美元目标偏高
据彭博报道，由英伟达投资的英国AI云公司Nscale寻求在纽约上市、目标估值约300亿美元，但部分投资者认为160亿至190亿美元才更可能吸引买家；目前公司尚未正式启动股票推介，也未做出最终决定。Nscale于9月提交IPO申请，计划以代码NSCL在纽约证券交易所上市、募资至多30亿美元；其招股文件显示截至8月底签署并生效的合同金额达1034亿美元，其中微软与Anthropic约占85%，但实际已投入运行的只是很小一部分。投资者担忧还包括其挪威旗舰项目较计划滞后约六个月，以及微软退出其英国Loughton数据中心主要租户交易，当地电网运营商预计2030年代才能供电。钛媒体的一篇分析文章还称，Nscale 2026年上半年营收仅1.4亿美元、净亏损超10亿美元，并认为利率上升正在压低重资产算力项目的估值。
这一争议被视为公开市场对AI数据中心开发商的一次定价检验：此前澳大利亚运营商Firmus因需求疲软放弃上市，CoreWeave股价上周下跌约25%。
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 on Sunday.
A valuation of $16bn to $19bn would be more likely to attract buyers, a group of investors told Bloomberg. No decisions have been made, and Nscale has not yet formally started marketing its shares, the outlet reported.
Nscale, which rents out computing power for training and running AI models, filed for its IPO in September. According to its IPO filing, it had $103.4bn in signed and active contracts at the end of August.
#Nscale#Microsoft#Anthropic#Nvidia#CoreWeave#Third Point#Firmus#New York Stock Exchange