🇬🇧Nscale is discussing $1.5 billion of convertible notes and about $2 billion from NVIDIA; terms remain unsettled.

London-headquartered AI cloud company Nscale was reported to be discussing as much as $3.5 billion of pre-IPO financing. The proposed structure comprised up to $1.5 billion of convertible notes sold to investors and approximately $2 billion of financing from NVIDIA.

Third Point, led by Daniel Loeb, was reported to be preparing to lead the convertible-note investment, with Goldman Sachs assisting the fundraising. Discussions were continuing, and the size, investor group and other details could change; no final decision or closed financing was reported.

The report also said Nscale had previously considered an IPO that could raise approximately $3 billion. It described a large data-center campus under construction in Norway for Microsoft, another large project in West Virginia, and approximately 194,000 NVIDIA Vera Rubin graphics processing units purchased by the company.

Nscale reportedly presented investors with approximately $10.3 billion of total contract value while also describing a $45 billion compute-supply agreement with Anthropic. The same presentation cited approximately $18.1 billion of prospective annual revenue and $13.6 billion of adjusted earnings before interest, taxes, depreciation and amortization, but explicitly characterized those figures as illustrative estimates rather than formal guidance.