$3.5 billion in new financing is under discussion at Nscale ahead of a possible IPO later this month, with Bloomberg reporting plans for $1.5 billion of convertible notes plus $2 billion from Nvidia.
Nvidia is already a backer, having joined Nscale’s $1.1 billion Series B in March, a round the British AI infrastructure startup called the largest Series B in European history after a $155 million Series A in December 2024.
The fundraising push comes as AI infrastructure groups race to lock in capital and compute demand, with Nscale recently signing an Anthropic deal worth about $45 billion.
Nscale has also told potential investors it has roughly $103 billion in revenue tied to that deal, though The Information said the figure reflects projected income from signed customer leases rather than current sales.