Big dreams and tiny revenue are the new norm for AI IPOs (opens the source in a new tab)
- Data-centre builders Nscale and SB Energy, both preparing New York IPO Initial public offering: when a company first sells its shares on a stock exchange., each made $140mn revenue in the last half year, yet hope for valuations of $35bn and $50bn.
- The biggest US-listed company with annual revenue under $500mn (excluding biotechs and bitcoin treasuries) is AST SpaceMobile, at $27bn.
- Contracts with OpenAI, Anthropic and ByteDance back their pitch, but backlogs depend on data centres being built on time and on budget.
- $140mn
- half-year revenue, each
- ~90%
- median Spac fall post-merger
Why it matters Valuations are racing far ahead of sales.
Other side Signed contracts with big tenants may yet turn backlog into revenue; the real test is delivery on time and on budget.