AI Infrastructure Startups Rush to IPO — But Two Customers Own the Whole House of Cards

AI infrastructure startups are rushing to IPO at eye-popping valuations — but the business models hiding behind those numbers reveal a dangerous dependency on just two or three customers.

Evidence For

• Nscale, the British AI data center company spun out of Arkon Energy, is targeting a $35 billion valuation in its upcoming NYSE listing, planning to raise $3 billion. Revenue exploded from $10.4 million to $140.6 million in just six months.
• Iambic Therapeutics,...