London-based AI cloud company Nscale has secured $3.36 billion in pre-IPO convertible loan notes. The funding round was led by Third Point, with participation from NVIDIA, Apollo, Citadel, and other investment firms. The financing consists of $2.36 billion provided at closing and a $1 billion commitment from NVIDIA expected in mid-November.
The company filed for a US initial public offering on the New York Stock Exchange on September 18, planning to trade under the ticker NSCL. Goldman Sachs, J.P. Morgan, and Morgan Stanley are serving as bookrunners for the IPO. The loan notes are set to convert into ordinary shares upon the completion of the public offering.
Nscale reported a total contracted value of $103.4 billion as of August 31, with $2.6 billion currently active. Major agreements include a $43.8 billion contract with Microsoft and a deal with Anthropic worth up to $44.6 billion. The company recorded revenue of $140.6 million and a net loss of $1.02 billion in the first half of 2026.
Founded in 2024 as a spin-out of Arkon Energy, Nscale operates 25,000 active GPUs across five sites, with 461,000 GPUs contracted across 17 total locations. The company has raised over $9 billion since 2024, including a $2 billion Series C round in March that valued the firm at $14.6 billion. Its workforce has expanded from 40 to over 1,000 employees.
