Nscale closes a $3.36 billion pre-IPO convertible loan round from major institutional investors for AI infrastructure buildout.

UK-based AI infrastructure company Nscale has secured $3.36 billion through a pre-IPO convertible loan note round led by investment firm Third Point. The financing drew participation from a diverse set of new and existing investors, including Nvidia, as well as funds managed by Apollo, Hudson Bay Capital, Citadel, 8090 Industries, and Abu Dhabi Investment Council. Additional participants include Davidson Kempner Capital Management, Context Capital Management, Qube Research & Technologies, Longaeva Partners, Wellington Management, Castleknight, LionTree Investment Fund, Ghisallo Capital Management, Irving Investors, and Javelin Venture Partners.

The convertible loan notes provide $2.36 billion at closing, supplemented by a $1 billion commitment from Nvidia, with funding from Nvidia expected to arrive in mid-November 2026. Upon completion of Nscale's IPO, the notes will convert automatically into ordinary shares, or in Nvidia's case, non-voting shares.

Nscale operates a vertically integrated, full-stack AI cloud platform that combines software, computing resources, and power infrastructure. Its offerings include behind-the-meter power plants, liquid-cooled AI data centers, and large-scale GPU clusters, designed to support the growing demand for AI cloud services. The company serves hyperscalers, AI research labs, specialized AI companies, and enterprise customers developing or scaling AI solutions, and reports more than $103 billion in total contracted value.

"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. "With the backing of these world-class investors, we are strongly positioned to accelerate our data centre buildouts globally."

Last month, Anthropic agreed to rent approximately $45 billion in AI cloud computing capacity from Nscale under a six-year contract. The arrangement reserves roughly 460 megawatts of power capacity for Anthropic, which will utilize Nscale's data center campus in West Virginia to support its growing product portfolio, including Claude Code. Goldman Sachs & Co. served as placement agent for the capital raise.