Nscale Raises $3.36 Billion in Pre-IPO Convertible Financing
Nscale Limited, a full-stack AI cloud platform, announced it has raised $3.36 billion through convertible loan notes. The funding round was led by Third Point.
London – Nscale Limited, a company offering a full-stack AI cloud platform, announced on September 25, 2026, that it has secured $3.36 billion in convertible loan financing. The round was led by Third Point and included participation from new and existing investors such as NVIDIA, Apollo, Citadel, and Hudson Bay Capital.
The capital raised is intended to accelerate the expansion of Nscale's vertically integrated AI cloud platform. This platform covers aspects from power generation to liquid-cooled data centers and large-scale GPU clusters, aiming to meet the growing demand for AI cloud services. The company reports a total contracted value exceeding $103 billion.
Nscale aims to build what it describes as the "engine of superintelligence," enhancing access to advanced AI benefits for enterprises, governments, and communities. "This marks a milestone for Nscale as we continue scaling our full-stack AI infrastructure to meet unprecedented global demand," said Founder and CEO Josh Payne.
The financing includes an initial $2.36 billion tranche at closing and an additional $1 billion commitment from NVIDIA, with funding expected in mid-November 2026. The loan notes will convert into ordinary shares (or non-voting shares for NVIDIA) automatically upon Nscale's initial public offering. Goldman Sachs acted as the placement agent for Nscale.