Nscale's $103B backlog rests on data centers it hasn't built

Nscale has filed for an IPO targeting a $35 billion valuation, but nearly all of its $103 billion in contract commitments depend on data centers it has yet to build or fully fund. The company also hasn't secured the Nvidia chips needed to fulfill those contracts, suggesting the IPO valuation may be more than twice what is justified.

• Contract commitments total $103 billion
• IPO targets a $35 billion valuation
• Data centers backing the contracts aren't built yet
• Nvidia chips for future contracts not secured