Nscale Limited, a London-based full-stack AI cloud platform, has closed the initial tranche of a $3.36 billion convertible financing round led by Third Point while advancing plans for a New York Stock Exchange listing under the ticker NSCL. The company disclosed the financing details on September 25, 2026, following its preliminary Form S-1 filing on September 18.

The convertible loan notes consist of an initial $2.36 billion tranche that has already closed, along with an additional $1 billion commitment from Nvidia expected to fund in mid-November 2026. Nvidia’s portion will convert into non-voting shares upon completion of the initial public offering, while the remaining notes convert into ordinary shares automatically after the IPO.

Investors participating alongside Third Point and Nvidia include funds managed by Apollo, Citadel, Hudson Bay Capital, the Abu Dhabi Investment Council, 8090 Industries, Davidson Kempner Capital Management, Qube Research & Technologies, Context Capital Management, Longaeva Partners, Wellington Management, Castleknight, Ghisallo Capital Management, LionTree Investment Fund, Javelin Venture Partners, and Irving Investors.

Financial Performance and Contract Backlog

In the six months ended June 30, 2026, Nscale generated $140.6 million in revenue, a sharp rise from $10.4 million in the prior-year period. The company posted a net loss of approximately $1.02 billion, compared with a $368.9 million loss a year earlier. Cash and cash equivalents stood at $1.5 billion at the end of June.

By the end of August, total contracted value exceeded $103 billion, encompassing roughly 461,000 GPUs that are active or under contract. Major customers include Microsoft and Anthropic. Agreements with Anthropic alone provide for aggregate payments of up to approximately $44.6 billion. Contracted value does not equate to immediate revenue; the company recognizes revenue as data-center infrastructure is purchased, installed, and placed into service under long-term take-or-pay arrangements.

Use of Proceeds and Infrastructure Expansion

Nscale intends to direct the new capital toward behind-the-meter power facilities, liquid-cooled AI data centers, and large-scale GPU clusters. The company operates an integrated platform that covers data centers, power, graphics processing units, networking, storage, and cloud software. The platform launched in May 2024 after emerging from Arkon Energy.

In March 2026, Nscale acquired AIPCorp and the Monarch Compute Campus in West Virginia, a site with a power runway scalable to more than eight gigawatts of gross power capacity. Separately, on August 31 the company closed approximately $3 billion in senior secured delayed-draw term loan facilities: up to $1.85 billion for its Ward County, Texas campus and up to $1.2 billion for a site in Madison, North Carolina. Those facilities primarily fund GPU infrastructure, networking, storage, and liquid-cooling equipment.

Nvidia has played multiple roles, acting as GPU and networking equipment supplier, customer, and financier. The chipmaker previously participated in Nscale’s $1.1 billion Series B financing in September 2025.

IPO Path and Capital Structure

The preliminary Form S-1 does not specify the number of shares to be offered or a price range. The filing indicates the company plans to sell new shares and list ordinary shares on the NYSE. Convertible notes entered into on September 15 totaled at least $3.1 billion at the time of the filing, with the subsequent announcement refining the overall package to $3.36 billion including the Nvidia commitment.

Nscale serves hyperscalers, frontier model laboratories, AI-native companies, and enterprises. Its rapid accumulation of contracted value has positioned the firm to fund extensive capacity buildouts required to fulfill those commitments over time.