UK AI compute provider Nscale seeks $3.5B ahead of planned IPO
British AI infrastructure firm Nscale is reportedly in talks to raise $3.5 billion in fresh financing before a possible stock market listing later this month, with Nvidia expected to contribute part of the sum.
Nscale, a British AI infrastructure company founded only two years ago, has indicated it could go public as early as later this month. Ahead of that expected listing, the company is reportedly seeking an additional $3.5 billion in financing.
According to a Bloomberg report published Friday, Nscale is looking to sell $1.5 billion in convertible notes — debt instruments that can later convert into company stock — to a group of investors. The company is also seeking a further $2 billion in financing from chipmaker Nvidia.
Nvidia was already involved in Nscale's Series B round in March, which raised $1.1 billion under the leadership of investment fund Aker. Nscale described that round as the largest Series B in European history. The company's earlier Series A round, closed in December 2024, raised $155 million.
Rapid growth in AI infrastructure
AI infrastructure startups have grown rapidly as computing power has become a key competitive asset during the current wave of AI enthusiasm. Nscale recently signed a major deal with Anthropic worth approximately $45 billion.
Earlier this week, reports surfaced that Nscale had been telling prospective investors it has around $103 billion in revenue following that deal. That figure does not reflect current sales, according to The Information, but rather a projection based on signed customer lease agreements.
Neither Nscale nor Nvidia has publicly commented on the reported financing talks.
