London-based AI cloud platform Nscale has secured $3.36 billion in pre-IPO financing. The round was led by hedge fund Third Point and includes a $1 billion commitment from Nvidia. The company has filed its S-1 registration statement and plans to list on the NYSE under the ticker NSCL.
The funding is divided into two parts: a $2.36 billion tranche that converts to ordinary shares upon the IPO, and a $1 billion investment from Nvidia expected to activate by mid-November. The conversion price will feature a double-digit discount relative to the IPO price, with a valuation cap set at $30 billion.
Nscale was valued at $14.6 billion following a $2 billion Series C round in March 2026. The company reports a total contracted value exceeding $103 billion and a power pipeline of over 10 GW across 14 global regions. Nscale maintains partnerships with Nvidia and Microsoft for GPU cloud services and data center power solutions.
Founded in May 2024 by Josh Payne, Nscale originated from a crypto mining operation. The company previously raised $1.1 billion in a Series B round in 2025. The business model leverages infrastructure and energy procurement expertise originally developed for Bitcoin mining to support the AI sector.
