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Thursday, November 12, 2026

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@ACapitalLP 3 clicks

A Capital on X

Interesting special situation in $AKER.NO, which owns ~23% of Nscale. Despite the carnage in neoclouds, the FT reported last week that Nscale may still be targeting a $30–35bn IPO before year-end. What makes this interesting is the valuation disconnect. At ~NOK 1,150, backing out Aker’s other holdings and applying its historical ~22% HoldCo discount implies an ~$11bn valuation for Nscale. Below its $14.6bn March round and well below the proposed IPO range. In September, Third Point led a $3.36bn pre-IPO convertible financing alongside Nvidia, Apollo, Citadel and others. The notes reportedly convert at a double-digit discount to the IPO price, with a $30bn valuation cap on the conversion price. Not exactly a group of unsophisticated investors… At a $25–30bn IPO, I get ~27–39% upside assuming some HoldCo discount compression. Even at a $15bn IPO, the downside looks relatively contained under a historical discount assumption. Obviously the IPO could slip, financing and execution risks are enormous, and the broader neocloud unwind isn’t helping. But you can partially hedge the sector exposure with $CRWV / $NBIS shorts, leaving a more isolated bet on the IPO valuation and HoldCo discount...

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MONOY · long

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Sea Ltd Earnings Update: Q3 2026

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