Nscale seeks $3.5B in pre-IPO financing for AI infrastructure

Nscale, a London-based AI cloud infrastructure provider founded in 2024, is seeking $3.5 billion in pre-IPO financing. The fundraising effort reportedly includes up to $1.5 billion in convertible notes led by hedge fund Third Point and approximately $2 billion in investment from Nvidia. Goldman Sachs is acting as an advisor for the process.

The company is preparing for a potential IPO that could occur as early as September 2026, with a target valuation reaching $30 billion. This would represent a significant increase from its $14.6 billion valuation established during a Series C round in March 2026.

Nscale’s contracted revenue backlog has grown to approximately $103 billion, a sharp increase from $51 billion just one month prior. This surge is largely attributed to a six-year, $45 billion agreement with Anthropic for capacity at the company’s West Virginia campus. Reports also indicate Nscale has secured contracts with Microsoft and OpenAI.