Nscale locks in $3.36B convertible financing ahead of its IPO
Company-announced pre-IPO raise: $2.36B available now, Nvidia's $1B converts at listing; watch actual drawdown and dilution terms.
Original event 2026-09-25
Nscale, a British AI cloud provider, has announced $3.36 billion in convertible note financing ahead of an IPO planned for later this year, with $2.36 billion available to the company immediately.
The round was led by hedge fund Third Point, with existing investor Nvidia adding $1 billion that will not arrive until mid-November; the notes convert into equity once the IPO completes.
Nscale filed its IPO paperwork last week. The Financial Times reports an expected NYSE valuation of about $35 billion, and Bloomberg says the company seeks to raise $3 billion in the offering. Per its IPO filing, the company has amassed over $103 billion worth of contracts since spinning out of crypto miner Arkon Energy two years ago.