Nscale, which may go public as early as later this month, is reportedly in talks to raise an additional $3.5 billion ahead of its expected IPO. The company is looking to sell $1.5 billion in convertible notes to a group of investors, while also seeking an additional $2 billion in financing from Nvidia.
Nvidia previously participated in Nscale's Series B funding round in March, a $1.1 billion raise led by investment fund Aker that the company hailed as "the largest Series B in European history." Nscale's Series A round in December 2024 raised $155 million.
Nscale recently signed a large deal with Anthropic worth approximately $45 billion. Reports emerged that Nscale told potential investors it has approximately $103 billion in projected revenue following the deal—a figure based on signed customer leases rather than current sales, according to The Information.