British AI neocloud Nscale lands $3.36B convertible note ahead of US IPO

Ahead of US IPO, British AI neocloud Nscale secures $3.36B in convertible financing

Nscale, a British AI neocloud spun out of Australian crypto miner Arkon Energy, raised $3.36B in convertible notes ahead of its NYSE IPO. Hedge fund Third Point led; existing investor Nvidia put in $1B. $2.36B is available now, the rest arrives mid-November. The company filed its S-1 last week, targeting a $35B valuation and a $3B IPO raise. It claims over $103B in contracts and is building multiple large data center campuses. Caveat: convertible notes aren't pure equity—final dilution depends on IPO pricing, and the post doesn't disclose conversion terms or interest rate.