Bloomberg reported on October 19, 2026 that NVIDIA-backed Nscale is targeting a roughly $30 billion valuation in its planned IPO, while some investors value the company at $16 to $19 billion. Nscale was valued at $15 billion in September, and Microsoft accounts for 40% of its $103 billion in contracted revenue, a concentration now central to the valuation argument. The gap sits against a weaker backdrop: CoreWeave and Nebius trade well below their highs, and Microsoft pulled out of a UK data center project involving Nscale. Nscale filed publicly on September 18 and is still working through SEC comments, with no revised range set.