London-based AI cloud provider Nscale is seeking up to $3.5 bln in pre-IPO
financing, earmarking up to $1.5 bln of convertible bonds to external investors
and seeking roughly $2.0 bln in financing support from NVIDIA. Third Point is
expected to lead the convertible bond investment while Goldman Sachs is advising
on fundraising. The company plans an IPO after the round; earlier reports said
the IPO could raise about $3.0 bln. Nscale told investors its total contract
value is about $10.3 bln, including a $45.0 bln compute‑supply agreement with
ANTHROPIC, and presented illustrative future annual revenue of roughly $18.1 bln
and adjusted EBITDA of about $13.6 bln, stressing these are example estimates
not formal guidance. It is building a large Microsoft data‑centre campus in
Norway, developing a major project in West Virginia, and has purchased about
194,000 NVIDIA Vera Rubin GPUs.
