Nscale, the London-based full-stack AI cloud platform, has announced a $3.36 billion raise via convertible loan notes, led by Third Point. The round was also supported by new and existing investors including Nvidia, funds managed by Apollo, Citadel, Hudson Bay Capital, Abu Dhabi Investment Council, and 8090 Industries, along with a group of additional participants.
The financing consists of an initial $2.36 billion tranche at closing, with an additional $1 billion commitment from Nvidia expected to fund in mid-November 2026. The loan notes will convert automatically into ordinary shares — or non-voting shares in Nvidia's case — upon completion of Nscale's planned initial public offering.
Nscale says it has over $103 billion in total contracted value, and that the new capital will accelerate expansion of its vertically integrated AI cloud platform, which spans behind-the-meter power plants, liquid-cooled AI data centers, and large-scale GPU clusters.
"This marks a milestone for Nscale as we continue scaling our full-stack AI infrastructure to meet unprecedented global demand," said Josh Payne, Founder and CEO of Nscale. "With the backing of these world-class investors, we are strongly positioned to accelerate our data center buildouts globally."
Goldman Sachs & Co. LLC acted as placement agent for Nscale on the capital raise.