Nscale seeks $3.5B in financing ahead of planned US IPO

A company that didn’t exist two years ago is now trying to raise $3.5 billion before going public at a valuation that could hit $30 billion. Nscale, a London-based AI cloud infrastructure provider founded in 2024, is in advanced negotiations for pre-IPO financing that would set the stage for one of the most ambitious tech listings in recent memory. The fundraising package reportedly includes up to $1.5 billion in convertible notes led by hedge fund Third Point, plus roughly $2 billion in investment from Nvidia. Goldman Sachs is advising on the effort. If the IPO follows as planned, it could raise an additional $3 billion, potentially launching as early as September 2026. A revenue backlog that doubled in a month The company’s contracted revenue backlog has ballooned to approximately $103 billion, nearly doubling from around $51 billion just a month prior. The catalyst for that jump: a six-year, $45 billion agreement with Anthropic for capacity at Nscale’s West Virginia campus. That single deal accounts for nearly half of the entire backlog increase. Nscale has also secured contracts with Microsoft and OpenAI, according to reports, further cementing its position as a go-to provider ...