UK-based AI infrastructure company Nscale is reportedly seeking as much as $3.5 billion in new financing as it prepares for a potential initial public offering in the United States. The proposed fundraising would comprise up to $1.5 billion in convertible notes sold to investors and approximately $2 billion in separate financing from Nvidia, one of the company’s existing backers. Discussions remain ongoing, meaning the ultimate fundraising size, participating investors, structure, and timing could change before any transactions are finalized.
Third Point and Nvidia Backing
Investment firm Third Point, led by Daniel Loeb, is expected to lead the convertible note portion of the financing, while Goldman Sachs is reportedly working with Nscale on the fundraising. The notes are being offered at a discount to the eventual IPO price, with the conversion mechanism adjusting until a valuation of about $30 billion, above which the conversion price would remain unchanged. Nvidia’s potential $2 billion commitment would deepen an existing relationship after the chipmaker participated in Nscale’s $1.1 billion Series B round in March 2026, led by Norwegian investment company Aker.
Expanding AI Infrastructure Contracts
Nscale has been rapidly expanding its portfolio of large-scale computing agreements as demand for specialized artificial intelligence infrastructure accelerates worldwide. The company has reportedly told prospective investors that its total contracted value stands at about $103 billion, a figure representing projected revenue from signed customer leases rather than current sales, including an approximately $45 billion computing agreement with Anthropic. Nscale is expected to provide substantial computing capacity for Anthropic’s AI workloads as demand continues to grow for the company’s Claude models and other advanced AI applications.
Global Growth and Financial Ambitions
Investor materials reportedly estimate that Nscale could generate approximately $18.1 billion in annual revenue and around $13.6 billion in annual adjusted EBITDA, although the company has emphasized that these figures are illustrative and do not constitute formal guidance. The infrastructure provider is developing major data center projects internationally, including a large campus in Norway that will support Microsoft workloads and another sizable development in West Virginia. Most of Nscale’s currently active processors reportedly use Nvidia’s Blackwell architecture, while the company has also contracted for significant future capacity based on Nvidia’s next-generation Vera Rubin GPUs.
Diversification Beyond AI Models
Nscale is increasingly looking beyond traditional AI model developers as it broadens its customer base and expands into adjacent areas of the artificial intelligence ecosystem. On September 3, the company announced an agreement to provide robotics startup Figure with at least $3.5 billion of computing capacity while also making an investment in the company, demonstrating growing demand for AI infrastructure from robotics developers. Nscale has also pursued expansion through acquisitions, including its previously announced $1.65 billion agreement to acquire AI software company Anyscale, which would strengthen its capabilities across both computing infrastructure and software.
The proposed pre-IPO financing comes as Nscale explores a US listing that could reportedly raise an additional $3 billion, providing further capital to support its global infrastructure expansion. The company is positioning itself alongside specialized AI cloud providers such as CoreWeave by combining Nvidia-powered computing capacity, major enterprise contracts, data center development, and software capabilities as demand for dedicated AI infrastructure continues to rise. However, both the financing and potential IPO remain under discussion, leaving the final valuation, fundraising structure, investor participation, and listing timetable subject to market conditions and ongoing negotiations.
Source: Bloomberg