London-based Nscale, which develops AI data centers and rents computing capacity to companies building AI systems, raised US$3.36 billion in a pre-IPO convertible loan note financing as it prepares for a listing on the New York Stock Exchange.

Third Point led the financing. Other investors included Nvidia, Apollo, Citadel, Hudson Bay Capital, Abu Dhabi Investment Council, and 8090 Industries.

The financing includes a US$2.36 billion tranche and a separate US$1 billion commitment from Nvidia, which is expected to be funded in mid-November.

The notes will convert into ordinary shares after an initial public offering, or into non-voting shares in Nvidia’s case.

The deal closed a week after Nscale filed for an initial public offering that, according to people familiar with the matter, could raise up to US$3 billion.

🔗 Source: Bloomberg

Recent Nscale developments