Nscale is pursuing $3.5 billion in pre-IPO financing, a move meant to shore up capital before an anticipated public listing that the company says could happen as early as later this month. The package would pair a $1.5 billion sale of convertible notes to outside investors with a separate $2 billion financing from Nvidia.
The British AI infrastructure startup was founded two years ago and has scaled rapidly. In March it closed a $1.1 billion Series B led by Aker, a round the company hailed as "the largest Series B in European history." Nvidia participated in that Series B. The company’s Series A, in December 2024, raised $155 million.
Nscale has also signed a major customer agreement with Anthropic valued at about $45 billion. Following that deal, the company has been presenting a revenue projection of roughly $103 billion, a forward-looking figure derived from signed customer leases rather than current sales.
The $1.5 billion in convertible notes would initially act as debt that can convert into equity under preset conditions, a structure that can accelerate fundraising while postponing definitive equity pricing until after conversion triggers. The proposed $2 billion from Nvidia would deepen the chipmaker’s financial ties to an operator that sells large-scale compute capacity to cloud and AI customers.
The broader market for AI compute has driven rapid fundraising across infrastructure startups as firms race to lock in capacity and long-term customer commitments. For Nscale, the timing of any financing round will shape the balance between private commitments and the valuation public investors will ultimately set, should the IPO proceed this month.
The companies were contacted for comment.
