Aker-aksjen faller etter rykter om lavere verdsettelse av Nscale

Nscale - a company developing data centers for artificial intelligence - has seen its stock price fall after rumors of a lower valuation for its upcoming NYSE listing, according to Bloomberg. The British company sought a $30 billion valuation in mid-September, but analysts now believe a valuation between $16 and $19 billion is more likely.

Microsoft, which partners with Nscale on around 85% of its contracts, has pulled out of a data center agreement in Loughton, Essex, citing issues with power supply. The reason for Microsoft's withdrawal has not been disclosed, but Bloomberg reports that the project has faced delays due to power issues. The company's shares dropped 3.8% at Oslo Børs shortly after the market opened on Monday.

Analyst Vidar Skogset Lyngvær of Danske Bank wrote in a note that the main question now is whether Nscale will proceed with its NYSE listing at today's price. If not, existing shareholders will have to cover the financing gap, which would be negative for Aker, according to Lyngvær. Sentiment around the so-called neocloud companies - firms offering hardware and cloud capacity to other tech firms - has fallen in the past week as investors become more concerned about financing the expansion of data center capacity.

Another neocloud company, Coreweave, fell over 25% on the New York Stock Exchange last week after investors dumped its bonds and pushed borrowing costs sky high. Bloomberg reports that Nscale has officially sought listing on the NYSE, but has not yet started formal marketing for the listing. The company is reportedly in talks with major banks JP Morgan and Goldman Sachs and has been valued at $25 billion by these banks.