Nscale's $103.4 Billion AI Backlog Faces Scrutiny Over Financing and Buildout Risk

Nscale's planned U.S. IPO is drawing scrutiny because the AI cloud company is presenting a $103.4 billion active-and-contracted infrastructure book while only $2.6 billion of that value was active at the end of August. The gap makes the listing a test of whether investors will fund data centers, power systems and NVIDIA GPU clusters that mostly still have to be delivered.