Nscale raises $3.36B in pre-IPO financing as AI infrastructure race heats up

Nscale just pulled in $3.36 billion in pre-IPO financing, the kind of number that makes even seasoned venture capitalists do a double take. The round, led by hedge fund Third Point, included a $1 billion commitment from Nvidia, effectively putting the chipmaker’s stamp of approval on one of Europe’s fastest-growing AI infrastructure companies. The London-based company filed its S-1 and is gearing up for a NYSE listing under the ticker NSCL. For a company that was literally mining Bitcoin two years ago, the trajectory is nothing short of extraordinary. Breaking down the deal The financing is structured in two chunks. An initial tranche of $2.36 billion is set to convert into ordinary shares once Nscale completes its IPO. Nvidia’s $1 billion piece is expected to activate by mid-November, with the chipmaker receiving non-voting shares in the arrangement. The conversion price will be determined at a double-digit discount from the eventual IPO price, though it’s capped at a $30 billion valuation ceiling. For context, Nscale was valued at $14.6 billion after closing a $2 billion Series C in March 2026. A $30 billion cap on the pre-IPO conversion means investors are pricing in roughly a d...