# Nscale

> UK AI hyperscaler in talks for about $3.5 billion of pre-IPO financing — $1.5 billion convertibles plus a $2 billion Nvidia ask; not a priced equity close.

## Why it is interesting

TechCrunch (September 4, 2026), citing Bloomberg, said Nscale is shopping about $3.5 billion ahead of a possible same-month IPO. The Information, via TechCrunch, said the $103 billion revenue figure shown to investors is projected lease revenue, not current sales. Last company equity print is the $1.1 billion Series B dated September 25, 2025.

## Profile

- **Latest funding:** Series B — $1.1B (September 2025)
- **Latest known valuation:** Not publicly disclosed
- **Total disclosed equity funding:** $1.1B
- **Stage:** growth
- **Status:** private
- **Industries:** ai-ml, infra-cloud, deep-tech
- **Coverage:** full
- **Last updated:** 2026-09-05
- **Latest funding investors:** Aker ASA, NVIDIA, Sandton Capital, Blue Owl, Dell, Fidelity Management & Research Company, G Squared, Nokia, Point72, T.Capital

## Key facts

- Sep 4, 2026: ~$3.5B pre-IPO talks — $1.5B convertibles + $2B Nvidia (Bloomberg via TechCrunch); not a priced close
- Sep 25, 2025: $1.1B Series B (company); Aker led; Nvidia participated. TC Sep 4 said “March” — use the company date
- $103B is projected lease revenue (The Information via TC), not current sales
- ~$45B Anthropic offtake is Aug 26 press (CNBC sources), not an Nscale IR post here
- No ticker. IPO “later this month” is company-said timing in the TC recap

## Funding history

- Pre-IPO financing talks · $3.5B (reported; $1.5B converts + $2B Nvidia) · September 2026
  Source: https://techcrunch.com/2026/09/04/ai-compute-provider-nscale-is-looking-for-3-5b-in-pre-ipo-financing/
- Series B · $1.1B · September 2025
  Source: https://www.nscale.com/press-releases/nscale-series-b

## Related articles

- https://venturecapitaltracker.com/2026-nscale-3-5b-pre-ipo-financing
- https://venturecapitaltracker.com/2026-september-4-5-investment-news-xdof-nscale
- https://venturecapitaltracker.com/2026-september-vc-news

**By:** [Venture Capital Tracker](https://venturecapitaltracker.com/editorial-policy)
**Last updated:** September 5, 2026

**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.

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Source: https://venturecapitaltracker.com/startup/nscale