London, U.K. — Nscale Limited, the full-stack AI cloud platform, today announced its $3.36bn raise via convertible loan notes, led by Third Point. The convertible funding round was also supported by new and existing investors including NVIDIA, funds managed by Apollo, Citadel, Hudson Bay Capital, Abu Dhabi Investment Council, and 8090 Industries. Other investors that participated in the financing include Davidson Kempner Capital Management, Qube Research & Technologies (QRT), Context Capital Management, Longaeva Partners L.P., Wellington Management, Castleknight, Ghisallo Capital Management, LionTree Investment Fund, L.P., Javelin Venture Partners, and Irving Investors.

Nscale’s full stack AI cloud platform serves hyperscalers, frontier model labs, AI natives, and enterprises building and scaling AI. With over $103bn in total contracted value (TCV), this capital will further accelerate expansion of Nscale’s vertically integrated AI cloud platform – from behind-the-meter power plants to liquid cooled AI data centers and large-scale GPU clusters – to support accelerating demand for AI cloud services.

"This marks a milestone for Nscale as we continue scaling our full-stack AI infrastructure to meet unprecedented global demand," said Josh Payne, Founder and CEO of Nscale. "With the backing of these world-class investors, we are strongly positioned to accelerate our data center buildouts globally."

The financing consists of an initial $2.36bn tranche at closing and an additional $1bn commitment from NVIDIA with funding expected in mid-November, 2026. The loan notes are convertible into ordinary shares (or non-voting shares in the case of NVIDIA) automatically upon completion of Nscale’s initial public offering.

Goldman Sachs & Co. LLC acted as placement agent for Nscale in connection with this capital raise.

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About Nscale

Nscale Limited (Nscale) is a full-stack AI cloud platform. We bring together software, compute, and power in a vertically integrated offering – from a unified cloud platform for running AI training and inference, to the data centers and low-cost power that make it possible. Our mission is to build the engine of superintelligence and enhance access to the benefits of advanced AI for enterprises, governments, and the communities that depend on them.