UK AI compute provider Nscale seeks $3.5B in pre-IPO financing

AI compute provider Nscale is looking for $3.5B in pre-IPO financing

Nscale, fresh off a ~$45B compute deal with Anthropic, is raising $3.5B before its planned IPO: $1.5B in convertible notes and $2B from Nvidia. The two-year-old UK firm raised $1.1B in Series B this March. It tells investors it has ~$103B in contracted revenue, but that's a projection from signed leases, not booked sales—worth discounting for now.