Home/Deal Room/Nscale raises $3.36B pre-IPO convertible financing

Financing · Evidence brief

Nscale raises $3.36B pre-IPO convertible financing

Nscale + Third Point + NVIDIA + other note investors

Primary sourcePress release only2026-09-25
Deal structurePre-IPO convertible loan-note financing
GeographyGlobal AI-cloud and data-center platform / London, U.K.
Infrastructure layersAI-cloud financing + data centers + GPUs
Disclosed scale$3.36B convertible loan notes: $2.36B tranche at closing plus $1B NVIDIA commitment expected mid-November 2026

Why it matters

The strategic read

Adds a large pre-IPO capital pool for Nscale’s vertically integrated AI cloud—power plants, liquid-cooled data centers and GPU clusters—without treating the still-unfunded NVIDIA tranche or Nscale’s $103B contracted-value figure as cash in hand.

Source-supported terms

What was disclosed

  1. 01

    Nscale announced a $3.36 billion convertible loan-note raise on September 25, 2026, led by Third Point and supported by NVIDIA, Apollo, Citadel, Hudson Bay Capital, Abu Dhabi Investment Council, 8090 Industries and other named investors.

  2. 02

    An initial $2.36 billion tranche is at closing; NVIDIA’s additional $1 billion commitment is expected to fund in mid-November 2026, not as cash received on announcement day.

  3. 03

    The notes convert automatically into ordinary shares, or non-voting shares for NVIDIA, upon completion of Nscale’s IPO.

  4. 04

    Goldman Sachs & Co. LLC acted as placement agent.

  5. 05

    The notes have not been registered under the Securities Act of 1933; the release is not an offer of securities.

Disclosure boundary

What is known—and what is not

Issuer-announced convertible loan-note financing. The $2.36B tranche is described as at closing; the remaining $1B NVIDIA commitment is expected mid-November 2026 and is not represented as funded. Conversion is contingent on an IPO. Coupon, discount, valuation cap, security package, use-of-proceeds allocation by project, and note documentation are not public in the release. The $103B TCV figure is not this financing.