UK AI infrastructure firm Nscale seeks $3.5B ahead of planned IPO
British AI compute provider Nscale, which may go public as soon as later this month, is reportedly in talks to raise an additional $3.5 billion, partly from Nvidia.
Nscale, a British AI infrastructure company founded only two years ago, has signaled it could go public as early as later this month. Ahead of that anticipated listing, the company is reportedly working to secure an additional $3.5 billion in financing, according to a Bloomberg report.
According to the report, Nscale is seeking to sell $1.5 billion worth of convertible notes to a group of investors — a financing instrument that can later be converted into equity. On top of that, the company is also pursuing roughly $2 billion in additional funding from chipmaker Nvidia.
Nvidia has backed Nscale before: it took part in the company's Series B round in March, a $1.1 billion raise led by investment fund Aker, which Nscale described as the largest Series B round in European history. The company's earlier Series A round, closed in December 2024, brought in $155 million.
TechCrunch has reached out to both Nscale and Nvidia for comment but had not received a response.
Rapid growth amid AI boom
AI infrastructure startups have been expanding quickly as computing capacity becomes an increasingly competitive resource during the current wave of AI enthusiasm. Nscale recently struck a major deal with Anthropic worth an estimated $45 billion.
Earlier this week, reports surfaced that Nscale had told prospective investors it had roughly $103 billion in revenue tied to that deal. Per The Information, that figure does not represent current sales but rather a projection based on signed customer lease agreements.
