Nscale, the British AI infrastructure company, is seeking about $3.5 billion in pre-IPO financing as it prepares to list later this month.
According to the Financial Times, the package reportedly includes plans to sell $1.5 billion in convertible notes to outside investors and to raise about $2 billion from Nvidia as a direct investment.
Goldman Sachs is working on the fundraising and Third Point is expected to lead the convertible-note investors, according to reporting.
Nscale has attracted heavyweight backers already: Nvidia participated in the company’s Series B, and that round was disclosed at $1.1 billion earlier this year, after a $155 million Series A in December 2024.
Commercial deals
The company has also signed large commercial commitments, including an AI compute agreement with Anthropic worth roughly $45 billion, and it has presented revenue projections tied to signed leases that it said amount to about $103 billion.
Separately, Nscale announced a multi-year strategic partnership to supply compute to humanoid robotics developer Figure and Forbes reported Figure has committed to a $3.5 billion compute arrangement that could grow materially.
The financing push is the latest step in a rapid-capacity buildout as Nscale lines up capital and commercial deals ahead of its planned public debut later this month.
