Nscale Raises $3.36 Billion in Pre-IPO Convertible Financing Led by Third Point

Nscale Limited, the London-based full-stack AI cloud platform, has announced a $3.36 billion raise through convertible loan notes, in a financing round led by Third Point. The capital injection arrives as demand for AI cloud infrastructure continues to surge globally, positioning Nscale among the most heavily funded private AI infrastructure companies in Europe.

The convertible funding round drew support from a mix of new and existing investors, including NVIDIA, funds managed by Apollo, Citadel, Hudson Bay Capital, the Abu Dhabi Investment Council, and 8090 Industries. Additional participants included Davidson Kempner Capital Management, Qube Research & Technologies (QRT), Context Capital Management, Longaeva Partners L.P., Wellington Management, Castleknight, Ghisallo Capital Management, LionTree Investment Fund, L.P., Javelin Venture Partners, and Irving Investors.

The financing is structured in two tranches: an initial $2.36 billion at closing and an additional $1 billion commitment from NVIDIA, with funding expected in mid-November 2026. The loan notes will automatically convert into ordinary shares — or non-voting shares in NVIDIA's case — upon the completion of Nscale's initial public offering. Goldman Sachs & Co. LLC served as placement agent for the capital raise.

Nscale's vertically integrated AI cloud platform serves hyperscalers, frontier model labs, AI-native companies, and enterprises building and scaling AI workloads. With over $103 billion in total contracted value, the company said the new capital will accelerate the expansion of its platform — spanning behind-the-meter power plants, liquid-cooled AI data centers, and large-scale GPU clusters — to meet accelerating demand for AI cloud services.

The raise underscores the intensifying competition in AI infrastructure, where companies are racing to secure capital, power, and compute capacity. Nscale's ability to attract backing from NVIDIA and major institutional investors signals strong confidence in its integrated model, which combines software, compute, and power into a unified offering. The pre-IPO structure also provides a clear pathway to public markets, with automatic conversion of notes upon listing.