微软公司作为 Nscale 的主要客户之一，决定不延长与这家初创公司在得克萨斯州一个数据中心的合同，此举发生在 Nscale 计划首次公开募股（IPO）之前，一位知情人士透露了这一消息。
Corp., one of Nscale’s primary customers, opted not to extend a contract at a Texas data center with the startup ahead of its planned public offering, according to a person familiar with the matter.
去年底，Nscale 同意在得克萨斯州沃德县的该场地为微软提供约 240 兆瓦的算力容量。当时 Nscale 表示，微软持有增加 700 兆瓦的期权。但这位知情人士称，由于该项目正在等待能源接入的监管批准，这家软件巨头决定不再推进该场地建设；该人士因讨论私人信息而要求匿名。
Nscale had agreed late last year to provide Microsoft with about 240 megawatts of computing capacity at the site in Ward County, Texas. At the time, Nscale said Microsoft held an option to add 700 megawatts. But the software giant decided not to move forward with the site because the project was waiting for regulatory approval for a energy connection, said the person, who requested anonymity to discuss private information.
周四，Nscale 更新了其 2025 年发布的文件，删除了关于微软持有 700 兆瓦期权的表述。一位发言人称，微软的期权更接近 500 兆瓦，但拒绝进一步置评。微软方面拒绝置评。
On Thursday, Nscale updated its 2025 release to remove the reference to Microsoft’s option for 700 megawatts. A spokesperson said the Microsoft option was closer to 500 megawatts but declined to comment further. Microsoft declined to comment.
微软的这一决定发生在总部位于伦敦的 Nscale 于 9 月提交 S-1 注册声明文件、准备作为专注于人工智能算力的快速增长型“新云”公司上市之前。
Microsoft’s decision came before London-based Nscale filed its S-1 in September, preparing to debut as one of the fast-growing neoclouds focused on artificial intelligence computing.
自那以来，围绕 AI 数据中心的热情已大幅降温，这源于市场对沉重债务负担的担忧以及日益高涨的政治反对声浪。一些投资者对 Nscale 瞄准的约 300 亿美元 IPO 估值提出了质疑。对数据中心的不满是本周中期选举的一个关键议题。在得克萨斯州，当选州长吉娜·伊诺霍萨在多次呼吁暂停数据中心建设后，击败了共和党籍的格雷格·阿博特。
Since then, the fervor around AI data centers has cooled dramatically following market concerns over the heavy debt involved and rising political opposition. Some investors have pushed back on Nscale’s targeted valuation of around $30 billion for its IPO. Frustration with data centers was a key issue in this week’s midterm elections. In Texas, governor-elect Gina Hinojosa defeated Republican Greg Abbott after repeated calls for a moratorium on data center construction.
为筹集资金，Nscale 等“新云”公司依赖蓝筹科技企业的承诺。根据 Nscale 的 S-1 文件，微软占其 1030 亿美元合同总价值的约 42%。Nscale 的另一大客户 Anthropic PBC 正在算力资源上投入巨资，但缺乏微软那样经过验证的信用资质。
To raise funds, neoclouds like Nscale rely on commitments from blue-chip technology firms. According to Nscale’s S-1 filings, Microsoft represented about 42% of the $103 billion in contracted value. Nscale’s other major customer, Anthropic PBC, is spending considerable sums on computing resources, but lacks Microsoft’s proven creditworthiness.
在得克萨斯州，Nscale 运营着自己的数据中心以及一座由美国数据中心公司 Ionic Digital Inc. 管理的租赁设施。微软已签约使用该租赁场地的首批 240 兆瓦容量。
In Texas, Nscale runs its own data center and a leased facility managed by Ionic Digital Inc., a US data center firm. Microsoft signed up for the leased site for its first 240 megawatts.
Ionic Digital 周三在财报电话会上告诉投资者，该公司已从得克萨斯州电网运营商处获得了沃德县场地的“临时”批准。Ionic Digital 暂未回应置评请求。《金融时报》早些时候报道了微软拒绝接纳额外产能的消息。
On an earnings call on Wednesday, Ionic Digital told investors that the company had received “provisional” approvals for the Ward County site form the Texas grid operator. Ionic Digital didn’t immediately respond to a request for comment. The Financial Times reported earlier on Microsoft declining to take the additional capacity.
微软上个月还退出了英国的一项数据中心交易。该公司仍与 Nscale 在葡萄牙和挪威保持合同关系。
Microsoft also pulled out of a data center deal in the UK last month. The company still has contracts with Nscale in Portugal and Norway.