Nscale이 IPO 전 전환사채 $3.36 billion을 조달하여 AI 클라우드 및 컴퓨팅 인프라 서비스를 확대했다.

Nscale Limited has raised $3.36 billion in pre-IPO convertible financing to expand its AI cloud infrastructure operations, including data centers, power infrastructure and GPU clusters. The financing was led by Third Point and includes participation from NVIDIA, funds managed by Apollo, Citadel, Hudson Bay Capital, Abu Dhabi Investment Council and 8090 Industries. The company reports more than $103 billion in total contracted value across its business.

The transaction consists of an initial $2.36 billion tranche funded at closing and an additional $1 billion commitment from NVIDIA expected to close in mid-November 2026. The convertible loan notes will automatically convert into ordinary shares upon Nscale's initial public offering, with NVIDIA's investment converting into non-voting shares.

Nscale operates a vertically integrated model spanning power generation, liquid-cooled AI data centers, GPU computing clusters and cloud software for AI training and inference workloads. This comprehensive approach reflects the capital requirements of building AI infrastructure at scale and positions the company to address power and data center capacity constraints that have become central to AI expansion.

"This marks a milestone for Nscale as we continue scaling our full-stack AI infrastructure to meet unprecedented global demand," founder and CEO Josh Payne said. "With the backing of these world-class investors, we are strongly positioned to accelerate our data center buildouts globally."

Nscale serves hyperscalers, frontier AI model developers, AI-native companies and enterprises building and deploying artificial intelligence applications. The company's strategy prioritizes controlling more of the infrastructure stack required to deliver AI computing capacity rather than relying entirely on third-party data centers or power arrangements.

This vertical integration extends upstream to behind-the-meter power plants capable of supplying electricity directly to computing facilities, while at the data center level Nscale is developing liquid-cooled facilities designed to support the dense GPU systems required for large-scale AI workloads. The physical infrastructure combines with its cloud platform to provide customers access to compute resources while coordinating power availability, data center capacity, computing hardware and cloud software as AI deployments scale.

Additional institutional and technology investors participating in the round include Davidson Kempner Capital Management, Qube Research & Technologies, Context Capital Management, Longaeva Partners, Wellington Management, Castleknight, Ghisallo Capital Management, LionTree Investment Fund, Javelin Venture Partners and Irving Investors.

Building large GPU clusters requires substantial capital for processors and networking equipment alongside electrical infrastructure, cooling systems and facilities capable of operating increasingly power-dense hardware. Nscale is seeking to address these requirements through a single platform encompassing software, compute and power, with the new financing supporting further expansion across each layer.

The convertible structure links the investment directly to Nscale's transition into the public markets, though the company has not provided a timeline for its IPO. Goldman Sachs & Co. LLC served as placement agent for the capital raise.