IPO Proceeds Revised

Nscale still lists before year-end or in early 2027, but investors demand a lower valuation, tighter disclosure on compute contracts, and clearer financing for the Anthropic commitments. This is the base case because the company has strong demand signals but weaker balance-sheet credibility after warning of another funding need.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.