Nscale raises $3.36 billion in convertible financing

Nscale Limited announced a $3.36 billion pre-IPO convertible financing led by Third Point.

• The round includes an initial $2.36 billion tranche at closing and an additional $1 billion commitment from NVIDIA, with that funding expected in mid-November 2026.
• Proceeds are intended to accelerate Nscale’s vertically integrated AI cloud platform, including behind-the-meter power plants, liquid cooled AI data centers, and large-scale GPU clusters; the notes convert into ordinary shares, or non-voting shares for NVIDIA, upon Nscale’s IPO. Goldman Sachs & Co. LLC acted as placement agent.