$NSC · Jose Najarro Stocks · 2026-10-30
说话者不愿承诺投资NScale：合同价值在兑现之前并不等于营收，尽管有1000亿美元的支持，他仍质疑为少数客户锁定算力是否是一门真正的生意；他已持有其他neocloud参与者。
逐段跳播
给不熟悉的人介绍一下，NScale 算是一家大型数据中心公司。有点像你们的 core，有点像你们的 Nibbius。
For those not familiar, NScale is kind of a big data center company. Kind of like your core, kind of like your your Nibbius.
NScale 最近在 9 月 25 日宣布，他们试图筹集大约 33 亿美元。其中 2.3% 的初始部分以某种形式的融资方式完成，另外 10 亿美元来自 Nvidia。NScale 在 10 月 1 日发布 10 月更新时提到，他们在六个活跃的数据中心和五个国家拥有超过 50,000 块 GPU 投入生产；他们已签订合同的总价值超过 103，分布在多年期协议中；他们计划在 2028 年初推出 Monarch 一期，届时将提供 1.5 吉瓦的 AI 算力容量。
And NScale recently announced on September 25th that they were trying to raise roughly $3.3 billion. 2.3% in initial is in in some form of capital raise and then the other 1 billion was coming from Nvidia some NScale pipeline on October 1st when they kind of did their October update they mentioned that they have more than 50,000 GPUs in production across six active data centers and five countries they have contracted more than 103 total contract value spread over multiple year agreement and in early 2028 they're targeting Monarch phase one which is going to be a 1.5 gawatt of AI computing capacity.
再说一次，这些都是公司的目标，我们知道合同价值在真正兑现之前并不是实际收入。但他们有后盾，对吧？1000 亿美元是巨大的。与此同时，这也正是 Microsoft CEO 昨天所说的：仅仅为少数几个客户锁定算力，这真的算得上一门生意吗？
所以，我不确定自己会不会投资 Nenscale，NScale，因为我已经投资了其他 NeoCloud 玩家，但我们开始看到许多大公司 CEO 在财报季期间谈论的一些事情正在发生。
Again, all these are company targets and we know that contracted value is not actual revenue until it pays off. But they have a backing, right? $100 billion is massive. At the same time, this is something that like Microsoft CEO was saying yesterday where is there really a business of just locking in your compute for a few customers?
So, I don't know if I would be an investor of Nenscale, NScale because I'm already an investor of other NeoCloud players, but we're starting to see some of the things that a lot of these big CEOs were just talking about during earnings.