Nscale Raises $3.36B Before Massive US IPO

British AI neocloud Nscale has secured $3.36 billion in convertible financing ahead of its planned IPO on the NYSE. The round was led by hedge fund Third Point, with $2.36 billion available immediately and $1 billion coming from existing investor Nvidia in mid-November. Nscale is expected to be valued at $35 billion at IPO and aims to raise an additional $3 billion in the offering. Spun out of Australian crypto mining firm Arkon Energy two years ago, the company has amassed over $103 billion in contracts and is developing data center campuses in Norway and West Virginia.