British AI neocloud firm Nscale has raised $3.36 billion in convertible note financing ahead of its planned U.S. initial public offering. Hedge fund Third Point led the round, with significant participation from existing investor Nvidia. Apollo, Citadel and the Abu Dhabi Investment Council also participated.
The financing includes an initial $2.36 billion tranche. Nvidia has committed a further $1 billion, which is expected in mid-November 2026.
Nscale plans to use the capital to expand its AI-focused data centers globally and meet rising demand for cloud computing services. The notes will automatically convert into shares when the company holds its IPO.