Microsoft Reportedly Withdraws as Nscale Anchor Tenant Ahead of IPO

The Telegraph reports Microsoft has withdrawn as anchor tenant from Nscale's planned 90 MW data center in Loughton, Essex, where it had agreed to rent 23,000 Nvidia AI chips for a 2027 opening. UK Power Networks indicated grid capacity may not arrive until the early-to-mid 2030s. Microsoft has not publicly commented on the reported withdrawal. Nscale said it remains committed to Loughton and is exploring alternative power sources. It describes its relationship with Microsoft as "strong and long-term." On 18 September Nscale filed an S-1 for an NYSE listing under ticker NSCL, targeting about $3 billion, with share count and price range left blank and a reported valuation as high as $35 billion. Nscale lists a $103.4 billion contract backlog. Microsoft makes up to $43.8 billion of that total through December 2033, and Anthropic up to $44.6 billion without binding financing; together they are about 85% of contract value. About $2.6 billion was active as of 31 August. The IPO price range has not been set, and Microsoft has not confirmed or denied the Telegraph report.