美股IPO·2025-10-15 12:32Core Insights - Nscale has entered into a significant agreement with Microsoft, potentially worth up to $14 billion, to deploy over 116,000 NVIDIA GB300 chips in the U.S. and Portugal, accelerating global AI infrastructure development [1][3] - Despite market concerns about a potential bubble, Nscale is rapidly emerging due to its high-efficiency AI factories and plans to go public in the second half of next year [1][3] Agreement Details - The new deal includes approximately 104,000 GB300 chips to be deployed in Texas and an additional 12,600 GPUs at the Start Campus data center in Portugal, building on a previous $6.2 billion contract for 52,000 GPUs in Norway [3][5] - The deployment in Portugal is expected to be operational by early 2026, with the data center designed to support over 130 kW cabinet power density to meet advanced AI workload requirements [5] NVIDIA's Role - NVIDIA plays a crucial role as both the chip supplier and a significant investor in Nscale, reflecting its strategy to accelerate the AI ecosystem by investing in its customers [4][9] - NVIDIA's backing has significantly boosted investor confidence in Nscale, leading to a rapid increase in funding and valuation [9] Nscale's Growth and Challenges - Nscale has raised $1.5 billion in new funding within a month, achieving a valuation of approximately $3 billion, despite being only a year old [7] - The CEO of Nscale, Josh Payne, highlighted the high capital expenditure intensity of the business and the ongoing need for financing [8] Market Dynamics - Payne noted that the biggest risk in the current market is not a lack of demand but rather a "power shortage," with nearly all capacity sold out for the next 12 months [9] - The company is expanding its footprint in Europe, particularly in Portugal, which is a leader in renewable energy, with projections showing renewable energy could account for 81% of the country's power consumption by Q1 2025 [12][10] Strategic Partnerships - Nscale is also collaborating with Microsoft to build the largest AI supercomputer in the UK and has formed a joint venture with Aker ASA, indicating its growing influence in the global AI infrastructure sector [12]