{"text":[[{"start":12.3,"text":"Nscale has warned it needs to raise more cash to meet its contracted commitments, deepening uncertainty around the data centre group’s plans for a $35bn listing in New York."}],[{"start":22.86,"text":"The Nvidia-backed “neocloud” said in regulatory filings on Thursday that it must “obtain additional financing” to meet its forecast obligations next year after placing a significant order for Nvidia chips to fulfil a $45bn Anthropic contract."}],[{"start":38.32,"text":"Nscale, which counts former Meta executive Sheryl Sandberg and former UK deputy prime minister Nick Clegg as board members, said that some of what the company owes could not be deferred, reduced or cancelled."}],[{"start":50,"text":"“As a result of these new purchase orders, our short-term forecast capital expenditure commitments have increased significantly,” the company said in SEC filings. “Accordingly, we will be required to obtain additional financing to meet our forecast obligations in 2027.”"}],[{"start":66.4,"text":"In September, when Nscale first filed to go public, it told investors that it had sufficient funds for at least the next 12 months."}],[{"start":74.72,"text":"The updated filing comes as Nscale, one of the UK’s most promising start-ups, seeks to overcome investor wariness about the debt-funded AI build-out ahead of its initial public offering. Those fears have contributed to share price falls for Nscale rivals CoreWeave and Nebius of close to 30 per cent and 40 per cent respectively in the past month."}],[{"start":95.92,"text":"Nscale estimated that its net loss for the nine months to September will be almost $1.7bn on revenues of $307mn. It reported a $1bn net loss on revenues of $141mn for the six months to June. Total debt was estimated at $5.5bn at the end of September."}],[{"start":116.68,"text":"In August Nscale signed a bumper $45bn deal with Anthropic for its Monarch campus in West Virginia. Nscale has six months to secure financing for the graphics processing units, or GPUs, used at the site, according to people familiar with the matter."}],[{"start":132.2,"text":"The company told investors on Thursday that it had not yet secured financing to fulfil the contract for its first site."}],[{"start":139.04,"text":"Nscale has entered into talks with Anthropic for a second building in West Virginia. The two companies must reach an agreement on that site before the end of November, after which Anthropic will have no outstanding obligation."}],[{"start":152.68,"text":"The UK start-up has been buffeted by the loss of contracts with Microsoft and also expects a series of regulatory decisions that could affect its operations in Europe and the US."}],[{"start":163.08,"text":"Microsoft pulled out of a $3.2bn contract for a data centre on the outskirts of London after it emerged the site would not be connected to the grid until the 2030s."}],[{"start":174.28,"text":"The software giant also turned down an option for a site in Texas, the FT previously reported. Robotics company Figure has since contracted a portion of capacity at the site in a deal worth $3.5bn, with Nscale receiving shares in lieu of payment amounting to half the contract, Nscale said in filings."}],[{"start":194.6,"text":"Nscale in filings said that it expected Microsoft to be a “significant customer in future periods”."}],[{"start":200.72,"text":"Nscale declined to comment."}],[{"start":208.52,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1794553176_1139.mp3"}