Microsoft가 영국 에식스 주 라우턴에 있는 Nscale의 지연된 데이터센터 사업에서 손을 뗐다. 이 데이터센터는 Nscale의 앵커 테넌트가 될 예정이었다. 이번 철수는 2030년대까지 늘어질 수 있는 전력망 연결 지연에 따른 것으로, Nscale의 계획된 기업공개(IPO)(약 300~350억 달러로 보도됨)도 위태롭게 만들고 있다.

Microsoft has withdrawn from a data center project in Loughton, Essex, that was being developed with Nscale.

The two companies revealed they were working together in the UK in September 2025, with Microsoft planning to establish "the UK's largest supercomputer" at the site as part of a $15bn investment in AI infrastructure in the country. Microsoft would have been the anchor tenant at the Nscale-developed, owned, and operated data center.

The project was previously aiming for completion in late 2026, but access to a grid connection has been delayed, and it is now not expected to receive a power supply from the national grid until the 2030s.

Although Microsoft has withdrawn from the site, an Nscale spokesperson told The Telegraph: "We remain committed to both the Loughton project and the UK, and we are exploring alternative power sources for the site, in addition to other expansion sites in the UK. Our relationship with Microsoft remains strong and long-term, and this unfortunate London-wide grid issue has no impact on our other contracts."

When it announced the project in January 2025, Nscale said the data center would involve an investment of around $3bn and support 50MW of AI and high-performance computing (HPC) capacity, with a total power allocation of up to 90MW. DCD has contacted Nscale to see whether these figures have since been adjusted.

Energy infrastructure issues in the UK were previously cited by OpenAI as the reason it dropped out of its Stargate UK project with Nscale in April 2026. In that case, however, the AI lab said the decision was related to regulations and the cost of energy.

Nscale is currently preparing for an initial public offering (IPO), with reports suggesting it could seek a valuation of up to $35bn. According to Business Times, a group of investors has since reportedly suggested that Nscale scale down its IPO and seek a valuation of between $16bn and $19bn to make it more attractive to buyers.

The company published its IPO prospectus in September, which noted that Nscale has five active data centers offering a combined 55MW, with 12 more in various stages of development.

Much of the neocloud's value at present comes from large capacity commitments with existing investment-grade customers. Data center buildout is capital-intensive and many projects remain ongoing, so the loss of an anchor tenant at the company's Essex site is poorly timed for Nscale.

The company has around $103bn in contracted revenue, of which Microsoft accounts for around 40 percent. The Loughton project, however, represents only a small proportion of this.

Recently, Nscale's data center project in Glomfjord, Norway, was reported to be facing delays. While some publications reported that this had led to heavy penalties, DCD understands this to be inaccurate, with no penalties or fines incurred in connection with the six-month delay.

It is a difficult time to be in the neocloud business, with investors currently displaying a degree of uncertainty about the market. Investors have increased the rates they charge neoclouds to borrow money. Last week, some of the yields on CoreWeave's bonds reached 15 percent, having been issued at 9.67 percent.

Todd Schoenberger, chief investment officer at CrossCheck Management, told Reuters: "It's not just CoreWeave; there are several (companies) that are falling into this category because of concerns that the revenue is just not going to be there to turn a profit and maintain the amount of debt that these companies are taking on."

Another neocloud player, Firmus, recently abandoned its own plans for an IPO in Australia, citing market volatility. Neil Osnato, founder of infrastructure advisory firm Persistence Analytics Group, said he does not believe the problems experienced by Firmus are "evidence that AI infrastructure demand is unreal," but that "capital markets are beginning to distinguish more sharply between future demand narratives and demonstrated execution."