Startup profile · funding coverage
Nscale funding, valuation and investors
UK AI-cloud and data-center company that announced $3.36B of pre-IPO convertible notes in September 2026.
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Funding, valuation & investors
Answer-first snapshotLatest funding
Series B
$1.1B · September 2025
Latest known valuation
Undisclosed
Pre-IPO convertible loan notes · September 25, 2026
Total disclosed equity funding
$1.1B
Excludes debt, grants, acquisitions, secondaries, and IPO proceeds.
Current status
private
growth · London, United Kingdom
Investors in latest funding
Lead: Aker ASA
Other: NVIDIA , Sandton Capital , Blue Owl , Dell , Fidelity Management & Research Company , G Squared , Nokia , Point72 , T.Capital
Latest tracked event: Pre-IPO convertible loan notes (September 25, 2026). It is shown separately because it is not counted as disclosed equity funding.
Overview
Nscale is a UK-headquartered AI-cloud and data-center company building vertically integrated compute infrastructure spanning power, liquid-cooled facilities, GPU clusters and cloud software. On September 25, 2026, it announced $3.36 billion of pre-IPO convertible loan notes: $2.36 billion at closing and a $1 billion Nvidia commitment expected to fund in mid-November. The notes convert automatically when the planned IPO completes. Nscale reports more than $103 billion in total contracted value; that is a company-reported forward contract measure, not current revenue.
Why Nscale is interesting
Nscale closed $2.36B of convertible financing and secured a further $1B Nvidia commitment before a planned U.S. IPO, underscoring the capital intensity of AI-cloud infrastructure.
Product & use cases
AI-native infrastructure: owned and colocated data centres, GPU cloud, networking/storage, and managed software for training, fine-tuning, and inference.
- Frontier-lab and hyperscaler offtake (reported Anthropic; company-named Microsoft / OpenAI / Stargate projects on the Series B post)
- Sovereign or low-carbon AI-factory capacity in Europe and North America
Key facts
- Sep. 25, 2026: announced $3.36B of pre-IPO convertible notes; $2.36B at closing and $1B Nvidia commitment expected in November.
- Sep. 18, 2026: filed for a proposed U.S. IPO; pricing and final valuation were not set.
- Company reports more than $103B in total contracted value, not current revenue.
- Sep. 25, 2025: closed $1.1B Series B led by Aker.
Funding history (newest first)
Pre-IPO convertible loan notes
2026-09-25 $3.36B announced; $2.36B at closing + $1B Nvidia commitment Valuation: Undisclosed- Third Point (lead)
- NVIDIA (participant)
- Apollo (participant)
- Citadel (participant)
- Hudson Bay Capital (participant)
- Abu Dhabi Investment Council (participant)
- 8090 Industries (participant)
- Wellington Management (participant)
- Javelin Venture Partners (participant)
Source: Read source · nscale.com
Pre-IPO financing talks
2026-09 $3.5B (reported; superseded by Sep. 25 announcement)- NVIDIA
Source: Read source · techcrunch.com
Series B
2025-09 $1.1B- Aker ASA (lead)
- NVIDIA (participant)
- Sandton Capital (participant)
- Blue Owl (participant)
- Dell (participant)
- Fidelity Management & Research Company (participant)
- G Squared (participant)
- Nokia (participant)
- Point72 (participant)
- T.Capital (participant)
Source: Read source · nscale.com
Investors in our directory
Funds linked from Nscale's profile — open a fund page for stage focus and related deal articles.
Competitive landscape
Edge: Nscale's thesis is vertical integration across power, data centers, GPU systems and cloud software. Execution depends on turning contracted demand into commissioned capacity and recognized revenue.
Nscale competes with neoclouds such as CoreWeave, Nebius, Crusoe and Lambda. Its scale of contracted demand and pre-IPO financing stand out, while capital intensity, customer concentration and construction execution remain central risks.
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Groq adjacent
Inference silicon and cloud, not a data-centre developer. See /startup/groq.
-
Starcloud adjacent
Orbital GPU inference. See /startup/starcloud.
-
Hugging Face adjacent
Nvidia agreed to acquire the model hub; not a compute lessor. See /startup/hugging-face.
Notable stories
- Company Series B post also names Stargate UK / Stargate Norway and a Microsoft Narvik agreement. Those are 2025 company claims, not the September 2026 financing story.
Industries
Market / IPO context
IPO status: filed
IPO date: 2026-09-18
Note: IPO valuation not set. TechCrunch reported expectations around $35B, citing Financial Times reporting.
Editorial / static context — not a live quote.
Related funding articles
Venture Capital Tracker pieces that cover Nscale's financing or category context.
- Nscale $3.5B Pre-IPO Talks: $1.5B Converts, $2B Nvidia Ask
- September 4–5 VC News: XDOF $1.2B Talks, Nscale $3.5B Pre-IPO Ask
- September 2026 VC News: Tabby $6.5B, May $1.4B SPAC, Manus $4B Talks
- TAR’s $120M Series A Is ~$1B — Spark Leads; No Named Offtaker
- Nscale Raises $3.36B in Pre-IPO Convertible Notes
FAQs about Nscale
Practical answers founders, operators, and investors typically search for.
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Editorial note: AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.