Aker ASA, the primary investor in UK-based AI infrastructure startup Nscale, has downplayed Microsoft's decision to terminate a data center lease agreement. Øyvind Eriksen, CEO of Aker ASA, described the cancelled contract as a minor component within the startup's broader portfolio, which has more than doubled in activity since the company's Series C funding round.
The Microsoft deal was part of a larger project involving the UK's largest AI data center. The cancellation occurred after it was determined that the Essex facility would not have a reliable power supply until after 2030. Despite this, Nscale is reportedly nearing a new multi-billion dollar agreement with Anthropic to double its commitment for computing power at a facility in West Virginia.
Aker ASA currently holds approximately a 23 percent stake in Nscale, valued at roughly $3.31 billion. This valuation is derived from the Series C round in March, where Aker invested $350 million at a company valuation of $14.6 billion. Nscale is currently preparing for a US IPO with a target valuation of $35 billion.
The broader market for neocloud providers, including companies like Nebuis and Coreweave, faces scrutiny regarding financial stability. Analysts at Gartner have projected that 80 percent of firms in this sector may cease independent operations by 2030. Eriksen emphasized that the sector is evolving rapidly, noting that future market leaders will be determined by execution and performance.
