Nscale, a UK-based AI infrastructure company that provides computing capacity for AI workloads, is reportedly seeking US$3.5 billion ahead of a possible US initial public offering later in September.

The financing reportedly includes a US$1.5 billion convertible note sale and a separate US$2 billion funding package from Nvidia.

Nvidia also participated in Nscale’s US$1.1 billion series B round in March.

Nscale said investment fund Aker led that round. The company had previously raised US$155 million in its series A round in December 2024.

Nscale said it works with partners to unlock graphics processing unit capacity globally for AI workloads.

The company signed an about US$45 billion deal with Anthropic in August. The cloud deal would make Nscale one of Anthropic’s compute providers.

Its roughly US$103 billion revenue figure shown to investors reportedly reflects projected income from signed customer leases, not current sales.

A recent comparison is CoreWeave, an Nvidia-backed AI cloud provider that priced its US initial public offering in March 2025 and later rose 100% from its listing price.

🔗 Source: TechCrunch

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