Nscale's data center in Norway faces a six-month delay ahead of IPO.
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Nscale is building its data center in Glomfjord, Norway, with a six-month delay, according to Bloomberg. The site is being pitched as a flagship for the British AI infrastructure company, which hopes to raise up to $3 billion through an IPO this month, according to Bloomberg. Out of the 30 megawatts planned at the site, 6.4 megawatts are operational, according to Bloomberg. Coolant leaks, local regulatory hurdles, slow construction, and a fire delayed the project, according to Bloomberg, which drew on public records and people close to the project. Nscale is building the Glomfjord facility for ByteDance, the owner of TikTok. The delays there left Nscale facing fines totaling millions of dollars, according to Bloomberg, citing people familiar with the matter. Instead of collecting the fines, customers were offered more favorable terms on new contracts, according to Bloomberg's sources. The fire started in December when a transformer burned out, according to Bloomberg, citing public records. A Norwegian safety agency identified 10 safety violations, and Nscale's fixes led regulators to close the inspection case in September, according to Bloomberg. Nscale filed its registration statement on September 18 to list on the New York Stock Exchange under the ticker "NSCL." The filing leaves the number of shares and price range blank. In the document, Nscale said its customer...
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