Nscale Secures $3.36B Pre-IPO Round Led by Third Point
Nscale has closed a $3.36 billion pre-IPO convertible note round led by Third Point, with $1 billion from Nvidia still to come. The London-based company filed to list on the New York Stock Exchange under the ticker NSCL last week.
The convertible notes are priced at the IPO price minus a double-digit discount and will convert into ordinary shares upon listing, or non-voting shares in Nvidia's case. The filing seeks up to $35 billion, with the total including a $2.36 billion tranche from existing investors and Nvidia’s expected $1 billion commitment in November.
Nvidia has a history of similar investments, purchasing SB Energy stock at 90% of its IPO price earlier this month. Nscale's revenue reached $140.6 million in the first half of 2026, a significant jump from the previous year, but it reported a net loss of $1.02 billion. The company's contracted backlog stands at $103.4 billion, primarily representing unearned revenue.
The offering involves 22 banks, but the listing itself will not take place in London.
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