AI cloud firm Nscale seeking $3.5B in pre-IPO financing from Nvidia and Third Point

Nscale is arranging a pre-IPO raise of up to $3.5 billion, including $1.5 billion in convertible notes led by Third Point and about $2 billion from Nvidia, with Goldman Sachs as adviser. It reports a $103 billion contract backlog, anchored by a $45 billion Anthropic deal, and forecasts $18.1 billion in revenue and $13.6 billion in adjusted earnings. Its board features Sheryl Sandberg and former UK deputy prime minister Nick Clegg, and the company plans to list in New York.