British AI neocloud provider Nscale has raised $3.36 billion in convertible financing. The funding round is led by the hedge fund Third Point and includes a contribution from Nvidia.
The capital injection consists of $2.36 billion available immediately and an additional $1 billion from Nvidia, expected in mid-November. These notes will convert to equity upon the IPO.
Nscale filed for an IPO on the New York Stock Exchange last week. Reports suggest the company aims for a $35 billion valuation and plans to raise $3 billion through the offering.
The company originated as a spin-off from the Australian crypto mining firm Arkon Energy two years ago. Since then, it has secured contracts valued at more than $103 billion.
Nscale is currently building large-scale data center campuses. These facilities are located in Norway and West Virginia to support the company's infrastructure expansion.
