Ahead of its U.S. IPO, British AI cloud Nscale secured $3.36 billion in convertible financing, TechCrunch reported on September 25. The round was led by Third Point, with Nvidia contributing $1 billion, which Nscale will receive in mid-November as convertible notes that convert into equity once the IPO is completed.
Nscale's most recent private valuation was $14.6 billion, set in a Series C in March 2026, against a reported IPO target of up to $35 billion. Convertible notes let investors lock in a conversion at the listing, but they depend on the IPO proceeding.
Source: TechCrunch