Nscale closed a $3.36B pre-IPO round led by Third Point, with $1B from Nvidia still to come

Nscale raised $3.36 billion in a pre-IPO convertible note round led by Third Point. Investors included Nvidia, Apollo, Citadel, Hudson Bay Capital, Abu Dhabi Investment Council, and 8090 Industries. The deal contains a $2.36 billion tranche and a separate $1 billion Nvidia commitment due mid-November. Notes convert to shares at the IPO price minus a discount. Nscale’s first-half revenue was $140.6 million, up 13-fold YoY, and its backlog reached $103.4 billion.