GPU cloud provider Nscale is preparing a U.S. initial public offering and raising $3.5 billion to fund global expansion and rack deployments.

UK-based artificial intelligence infrastructure startup Nscale, founded just two years ago, is preparing for an initial public offering later this month. Ahead of the listing, the company aims to raise $3.5 billion in pre-IPO financing. According to Bloomberg, Nscale plans to issue $1.5 billion in convertible notes and secure an additional $2 billion from NVIDIA.

This latest capital push follows a rapid funding trajectory. In March, Nscale closed a $1.1 billion Series B round led by investment fund Aker, which the company described as “the largest Series B in European history.” Prior to that, the startup raised $155 million in its Series A round in December 2024. This accelerating influx of capital underscores the surging investor appetite for AI infrastructure ventures amid the current wave of industry enthusiasm.

On the commercial front, Nscale recently secured a major agreement with Anthropic valued at approximately $45 billion. The company has projected total revenues of around $103 billion following the deal. However, according to The Information, this figure is not reflective of current sales but rather a forward-looking estimate based on signed customer leases. These strategic alliances highlight Nscale’s positioning and growth potential within the rapidly expanding AI infrastructure market.