Nscale Targets October IPO at $35 Billion Despite Months of Data Center Delays

British AI infrastructure company Nscale aims to raise up to $3 billion in a $35 billion initial public offering this month, even as its flagship data center facility in Norway falls six months behind schedule due to a transformer fire, cooling-system leaks, and regulatory setbacks. The Glomfjord facility, located just north of the Arctic Circle and built for ByteDance, the parent company of TikTok, currently has only 6.4 megawatts of its planned 30-megawatt capacity operational. The project was set back by a transformer fire in December, cooling-system failures, local regulatory hurdles, and construction delays. Norwegian safety inspectors identified 10 safety violations, including ungrounded components in high-voltage systems, though Nscale's remediation efforts led regulators to close the case in September.