Mtoa huduma wa wingu wa AI anayeungwa mkono na Nvidia Nscale anapanga uorodheshaji wa Marekani kwa tathmini ya dola bilioni 35

Nini kilitokea

Nscale, kampuni ya miundombinu ya AI yenye makao yake London, iliwasilisha taarifa ya usajili ya S-1 kwa SEC mnamo Septemba 18 na kutuma maombi ya kuorodheshwa kwenye Soko la Hisa la New York chini ya tiki "NSCL." Waandishi wakuu watakuwa Goldman Sachs, JPMorgan na Morgan Stanley. Jalada bado halijabainisha ukubwa wa toleo au bei, na taarifa ya usajili haijafanya kazi, hivyo basi tarehe ya mwisho ya kuorodheshwa inategemea ukaguzi wa udhibiti na masharti ya soko.

Nscale ni kampuni ya miundombinu ya AI yenye makao yake makuu London, vituo vya data vya uendeshaji, rasilimali za nguvu, makundi ya kompyuta ya GPU na programu ya wingu. Iliibuka mnamo 2024 kutoka kwa kampuni ya miundombinu ya cryptocurrency ya Australia ya Arkon Energy na ilibadilisha haraka kutoka kwa madini ya Bitcoin hadi huduma za kukokotoa za AI. Kampuni hiyo sasa inaajiri takriban wafanyakazi 450 na ni mojawapo ya waendeshaji wakubwa wa miundombinu ya AI barani Ulaya kwa ufadhili uliopatikana.

Mwishoni mwa Agosti, Nscale iliripoti takriban MW 7 za uwezo wa kukokotoa katika vituo vyake vya data na MW 48 za ziada katika vituo vilivyokodishwa, vinavyowakilisha thamani za kandarasi za takriban dola bilioni 2.6. Kampuni ina takriban GW 1.3 za miradi katika kupanga au ujenzi, na mapato ya baadaye yanategemea uanzishaji wa uwezo huu kwa wakati.

Mnamo Machi 2024, Nscale ilifunga mzunguko wa ufadhili wa $ 2 bilioni kwa hesabu ya $ 14.6 bilioni, ikiungwa mkono na Nvidia, Dell na Nokia. Data ya Dealroom inaonyesha jumla ya ufadhili wa usawa wa $3.7 bilioni na zaidi ya $5 bilioni katika deni. Ikiwa IPO itafikia lengo la $35 bilioni lililotajwa na Financial Times, thamani ya soko itakuwa zaidi ya mara mbili katika miezi sita.

Maelezo ya chanzo: tradingkey.com ↗

Kwa nini ni muhimu

Uwasilishaji unaashiria hatua kubwa kwa mtoa huduma wa mtandao anayelenga AI kugusa masoko ya mitaji ya Marekani, ambayo huenda ikakusanya mabilioni ili kufadhili upanuzi wa haraka wa vituo vya data vya GPU-nzito kote Ulaya na Marekani. Lengo la tathmini la hadi dola bilioni 35 lingeongeza mara mbili ya hesabu ya dola bilioni 14.6 kutoka mzunguko wa ufadhili wa dola bilioni 2 wa Machi, ikionyesha imani ya wawekezaji katika kuongezeka kwa mahitaji ya mafunzo ya AI na hesabu ya uelekezaji. Ushirikiano wa karibu wa Nscale na Nvidia—wote kama msambazaji wa chipsi msingi na mwekezaji wa mabilioni ya dola—unaongeza uaminifu na unaweza kuharakisha kupitishwa kwa GPU miongoni mwa makampuni ya Uropa ya AI, huku pia ukiweka kampuni katika hatari ya mkusanyiko katika mfumo ikolojia wa Nvidia.

Nscale’s business model—leasing large‑scale GPU compute on long‑term contracts to AI developers, tech firms and governments—addresses a critical bottleneck as AI models grow in size and inference demand rises. By providing dedicated AI‑optimized infrastructure, the firm helps customers avoid the capital expense of building their own data centers.

The partnership with Nvidia goes beyond chip supply. Nvidia has invested more than $2 billion in Nscale, signed lease agreements worth about $1.2 billion, and guaranteed $860 million of lease obligations for a Texas facility. This deep integration gives Nscale preferential access to Nvidia GPUs and may steer AI workloads toward Nvidia’s ecosystem, reinforcing Nvidia’s market position in Europe.

However, the model is capital‑intensive. Building power, cooling and compute infrastructure requires massive upfront spending, while revenue is recognized only after capacity is delivered. Delays in construction, power supply constraints, or shifts in customer compute demand could increase costs and defer cash flow, a risk reflected in the company’s first‑half revenue of roughly $141 million versus a near‑$1 billion net loss.

Nini cha kutazama baadaye

Wawekezaji na waangalizi wa sekta hiyo watafuatilia uwezo wa Nscale kuleta uwezo wake wa GW 1.3 wa uwezo uliopangwa mtandaoni kwa ratiba, masharti na muda wa bei yake ya IPO ya Marekani, na jinsi mikataba yake ya ukodishaji wa muda mrefu na wateja kama vile Anthropic inavyotafsiriwa katika mtiririko wa pesa. Mzigo wa deni la kampuni, maendeleo ya chuo chake cha compute cha West Virginia, na hisia pana za sekta ya AI—hasa kuhusu masuala ya usalama yaliyotolewa na Wakurugenzi wakuu wa AI—pia yataathiri mafanikio ya toleo hilo.

The timing and pricing of the IPO will reveal how much capital Nscale can raise and at what valuation, influencing its ability to fund the remaining 1.3 GW of planned capacity.

Progress on the flagship West Virginia data center, which includes a six‑year, up‑to‑$45 billion compute lease with Anthropic, will be a key indicator of future revenue visibility.

Broader AI‑sector sentiment, especially regulatory scrutiny and safety concerns voiced by leaders at OpenAI, Anthropic and other firms, could affect demand for new compute capacity and thus impact Nscale’s growth trajectory.

Miongozo & maswali yanayohusiana