British AI neocloud Nscale secures $3.36B convertible financing ahead of U.S. IPO
Nscale said it has secured $3.36 billion in financing structured as a convertible note ahead of its planned U.S. IPO. The round, led by Third Point, provides $2.36 billion immediately and a further $1 billion from existing investor Nvidia arriving in mid-November; the notes will convert to equity on completion of the IPO. Nscale filed IPO paperwork last week, is expected to be valued at about $35 billion, is seeking to raise $3 billion in the offering, and is developing large AI data center campuses including in Norway and West Virginia.