Chainfir Capital says AI infrastructure valuations reflect delivery risks, not weak demand
MSFT•Chainfir Capital’s analysis says AI infrastructure valuations reflect construction and power-delivery risks rather than weakening computing demand. Nscale investors are reportedly seeking a $16 billion-$19 billion IPO valuation, below its roughly $30 billion target, while the company has about $90 billion in lease commitments and just over $100 million in revenue.
1. Valuation and commitments
Nscale investors are reportedly seeking an IPO valuation of $16 billion to $19 billion, below the company’s roughly $30 billion target. Its roughly $90 billion in lease commitments contrast with just over $100 million in revenue.
2. Project delays
Microsoft withdrew from Nscale’s planned Loughton data center, where grid officials warned power would not arrive until the 2030s. Nscale’s Norwegian flagship is roughly six months behind schedule, with 6.4 megawatts operational against a planned 30 megawatts.
