AI compute provider Nscale is looking for $3.5B in pre-IPO financing

Nscale, a two-year-old British AI infrastructure firm, is negotiating a $3.5 billion pre-IPO raise—$1.5 billion in convertible notes and $2 billion from Nvidia—and may launch an IPO later this month. Its March Series B, led by Aker, raised $1.1 billion, the largest in Europe, while its December Series A secured $155 million. Nscale recently signed a roughly $45 billion contract with Anthropic and projects $103 billion in revenue from signed customer leases.