Nscale is in talks to raise as much as $3.5 billion ahead of a planned initial public offering, people familiar with the matter told Bloomberg on Friday. The London-based AI cloud company is seeking to sell up to $1.5 billion of convertible notes to a group of investors and aims to secure about $2 billion in financing from Nvidia, the people said. Bloomberg updated the story Friday evening; the IPO itself could raise another $3 billion, the outlet has previously reported.
TechCrunch, citing the Bloomberg report, said Nscale has floated going public as early as later this month. Nvidia already joined Nscale’s $1.1 billion Series B in March, which the company called the largest Series B in European history after a $155 million Series A in December 2024. TechCrunch said it reached out to Nscale and Nvidia for comment.
The raise sits on a fast customer ramp. Nscale recently signed an approximately $45 billion compute deal with Anthropic. Earlier this week, The Information reported the company had been telling potential investors it has about $103 billion in contracted revenue after that deal — a lease-backed projection, not current sales, TechCrunch noted. Secondary coverage has also pointed to Goldman Sachs on the financing process and Daniel Loeb’s Third Point as a likely convertible-note anchor, with terms still fluid.
Two-year-old Nscale is trying to lock chips, campuses, and cash before a US listing while Nvidia deepens its role as both supplier and backer. What closes in the private round, and whether the IPO window holds, is the next wire.