Nscale has announced $3.36 billion in pre-IPO financing through convertible loan notes, with Third Point leading the transaction. The financing includes an initial $2.36 billion tranche at closing and a further $1 billion commitment from NVIDIA that is expected to be funded in mid-November 2026.
The round also includes funds managed by Apollo, Citadel, Hudson Bay Capital, Abu Dhabi Investment Council, 8090 Industries, Davidson Kempner Capital Management, Qube Research & Technologies, Context Capital Management, Longaeva Partners, Wellington Management, Castleknight, Ghisallo Capital Management, LionTree Investment Fund, Javelin Venture Partners and Irving Investors.
The notes are structured to convert automatically into Nscale shares upon completion of the company’s initial public offering. NVIDIA’s notes would convert into non-voting shares. Goldman Sachs & Co. LLC acted as placement agent for the financing.
Nscale is a London-headquartered AI infrastructure company led by founder and CEO Josh Payne. The company was spun out from Arkon Energy in May 2024 and operates a vertically integrated AI cloud platform spanning data centres, power infrastructure, GPU compute and software for AI training and inference.
The company said the new capital will support the expansion of its AI cloud infrastructure, including power generation, liquid-cooled data centres and large-scale GPU clusters. Nscale reported more than $103 billion in total contracted value at the time of the financing announcement.
The financing comes as Nscale prepares for a proposed US initial public offering. The company publicly filed its Form S-1 registration statement with the US Securities and Exchange Commission on September 18, 2026, and intends to apply to list its ordinary shares on the New York Stock Exchange under the ticker “NSCL.”
Earlier in 2026, Nscale raised $2 billion in a Series C financing round. It has also arranged additional debt and infrastructure financing as it expands its AI data centre footprint across multiple markets.
