🦔Nscale, the British AI data center company planning an IPO at up to $35 billion, is six months behind on its flagship site in Norway, Bloomberg reports. Only 6.4 of a planned 30 megawatts run there after cooling leaks, a December fire and construction delays, and late capacity has already cost it millions in penalties. Back in March, investors valued the whole company at $14.6 billion. My Take The pitch is $103 billion in signed contracts. About 85% of that comes from two customers, Microsoft and Anthropic, and Nscale admits it hasn’t lined up the money or the chips for Anthropic’s $44.6 billion deal yet. Anthropic can cancel parts of that contract with no penalty if capacity shows up late, and Nscale can’t get 30 megawatts running on time in Norway. A contract the customer can walk away from doesn’t count for much as backlog. Nvidia also put $1 billion into Nscale’s pre-IPO convertible notes, so the chipmaker is once again funding a company that buys its chips, same as it did with CoreWeave. The grid power for Nscale’s next big Norway expansion probably won’t arrive before 2037 either. My guess is the price comes down well below $35 billion before this lists, or the date slides into next year. Hedgie🤗