Microsoft가 AI 기업 Nscale의 IPO 계획을 앞두고 영국 데이터센터 프로젝트에서 철수했다.

Microsoft has withdrawn from a planned UK data centre agreement with artificial intelligence infrastructure provider Nscale, dealing a potential setback to the British company as it prepares for a major stock market listing.

The agreement concerned a proposed data centre in Loughton, Essex, where Microsoft was expected to serve as the anchor tenant. The withdrawal comes amid persistent delays and concerns about electricity availability, raising questions about whether the project can proceed on its original timeline.

According to a report by The Telegraph, the site may not receive a grid connection until the 2030s. Microsoft's decision adds to the challenges facing Nscale as it seeks to expand its AI computing infrastructure and attract investors ahead of its planned initial public offering (IPO).

The precise reason for Microsoft's withdrawal has not been independently established. However, the project's power supply constraints and development delays have emerged as significant obstacles.

Electricity shortages threaten the Loughton data centre

Access to electricity has become a major challenge for companies building data centres to support increasingly demanding AI workloads. These facilities require substantial and reliable power supplies to operate the servers and cooling systems needed for large-scale computing.

Nscale's proposed Loughton facility has faced difficulties securing the electricity connection required for its development. If the reported timeline extending into the 2030s holds, the project could struggle to meet the needs of technology companies seeking computing capacity much sooner.

The situation highlights a broader infrastructure problem for the UK's ambitions to become a major artificial intelligence hub. Even when companies secure customers and investment, shortages in grid capacity can delay construction and prevent facilities from becoming operational as planned.

Nscale has said it remains committed to developing the Loughton site. The company is exploring alternative power sources and additional opportunities to expand its presence in the UK. However, alternative supplies would need to provide sufficient capacity, reliability and a commercially viable route to operation to address the project's underlying constraints.

Nscale faces fresh scrutiny ahead of its IPO

Microsoft's withdrawal comes at a sensitive time for Nscale, which has been preparing for a potential IPO that could raise as much as $3 billion, according to reports. The company is seeking to capitalise on growing demand for computing infrastructure as technology firms invest heavily in artificial intelligence.

But the proposed listing faces questions about execution risks, financing requirements and customer concentration.

Nscale's IPO filing disclosed that Microsoft and AI company Anthropic together account for approximately 85% of its total contract value. The concentration makes the company particularly dependent on a small number of major customers and on its ability to deliver the infrastructure needed to fulfil their agreements.

Microsoft's exit from the Loughton project does not, by itself, establish that its broader commercial relationship with Nscale has ended. The two companies have other business arrangements, and Nscale has maintained that their relationship remains strong.

Nevertheless, investors may seek greater clarity on how the withdrawal affects Nscale's development plans, contracted commitments and future revenue prospects. The distinction between losing a customer across the business and withdrawing from one specific project will be important when assessing the potential financial impact.

Norway data centre delays add to pressure

Nscale is also dealing with construction problems at its flagship data centre in Glomfjord, Norway, according to a recent Bloomberg report.

The facility is approximately six months behind schedule, with only 6.4 megawatts of its planned 30-megawatt capacity operational. Reported problems include cooling-system leaks, regulatory hurdles, construction delays and a fire.

The Norwegian project adds another layer of execution risk as Nscale prepares to approach public market investors. Data centre developers must not only secure major contracts but also build facilities on time, obtain sufficient electricity and bring computing capacity online according to customer requirements.

Delays can increase costs, postpone revenue and potentially trigger contractual penalties, depending on the terms of individual agreements.

The challenges also illustrate the difficulty of scaling AI infrastructure at the pace demanded by technology companies. Large contract values can signal strong demand, but they do not automatically translate into immediate revenue or operational capacity.

AI infrastructure companies face growing investor caution

Nscale's difficulties come amid increasing scrutiny of the financing models behind the AI infrastructure boom.

Rival provider CoreWeave recently experienced a sharp decline in its share price amid investor concerns about borrowing requirements and data centre financing. In Australia, data centre developer Firmus abandoned its planned IPO after struggling to attract sufficient investor demand at its proposed valuation.

These developments suggest investors are paying closer attention to the costs, delivery schedules and financial sustainability of large-scale AI projects rather than focusing solely on projected demand.

For Nscale, the immediate challenge will be demonstrating that it can overcome power supply constraints, deliver its planned facilities and maintain confidence among its major customers.

Microsoft's withdrawal from the Loughton agreement does not necessarily mean the project will be abandoned. Nscale is continuing to explore alternative power arrangements and other UK expansion opportunities. However, the combination of electricity constraints, delays in Norway and dependence on a small number of major customers could complicate its IPO plans.

The company's ability to secure reliable power and demonstrate progress on its infrastructure projects may prove crucial as investors assess its long-term growth prospects.