AI data center company Nscale is preparing for an IPO targeting a valuation of up to $35 billion, but it faces significant hurdles. Its key data center in Narvik, Norway, is reportedly six months behind schedule because of construction issues, permitting disputes and a fire. To help mitigate delays, workers are being housed in a floating hotel.
Nscale owes penalties to major customers, including Microsoft and ByteDance, for failing to deliver computing capacity on time.
Financial filings show revenue of $140.6 million in the first half of the year. Net losses widened to $1.02 billion in the same period.