Nscale Limited, a London-based AI cloud platform, announced on September 25, 2026, that it has raised $3.36 billion through convertible loan notes. The financing round was led by Third Point, with additional participation from new and existing investors, including Nvidia, Apollo, Citadel, Hudson Bay Capital, and the Abu Dhabi Investment Council. This capital infusion is intended to fund the expansion of Nscale's vertically integrated AI cloud platform, including its global data center buildouts.
The financing is structured in two tranches: an initial $2.36 billion was made available at closing, and a further $1 billion commitment from Nvidia is expected in mid-November 2026. These loan notes are designed to convert automatically into ordinary shares upon the completion of Nscale's planned initial public offering. Nvidia's commitment, however, will convert into non-voting shares. Goldman Sachs & Co. LLC acted as the placement agent for Nscale in this capital raise.
This funding follows Nscale's September 18, 2026, filing of a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering of its ordinary shares. The company has applied to list its shares on the New York Stock Exchange under the ticker symbol "NSCL." The number of shares to be offered and the price range for the proposed offering have not yet been determined. Goldman Sachs & Co. LLC, J.P. Morgan, and Morgan Stanley are serving as lead bookrunners for the IPO.
Nscale describes its platform as a full-stack AI cloud, encompassing software, compute, and power. The company aims to provide AI cloud services to hyperscalers, frontier model labs, AI natives, and enterprises. Nscale reported over $103 billion in total contracted value, with a significant portion stemming from an agreement with Anthropic PBC, valued at approximately $44.6 billion.
The company's expansion plans include developing large data center campuses in locations such as Ward County, Texas, Madison, North Carolina, and Norway. These facilities are designed for high-density, next-generation compute deployments, including Nvidia GB300 (Blackwell Ultra) and VR200 (Vera Rubin) systems, and incorporate liquid-cooling technologies. In August 2026, Nscale also closed approximately $3 billion in senior secured delayed draw term loan facilities to support the deployment of GPU infrastructure at its Ward County and Madison sites.
Josh Payne, founder and CEO of Nscale, stated that this financing marks a milestone for the company as it scales its AI infrastructure to meet global demand. The company's board includes former Meta Platforms executives Sheryl Sandberg and Nick Clegg.