Nscale IPO tests Wall Street's appetite for concentrated AI bets

British AI data center developer Nscale is listing on the NYSE at an expected $35B valuation, seeking $3B. It holds over $103B in contracts, but about 85% depends on Microsoft and Anthropic; Anthropic's deal is contingent on financing and can be cancelled if milestones are missed. Revenue hit $140.6M for the six months to June 30, with net losses of $1.02B.

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