Nscale seeks $3.5B before its IPO

Nscale is reportedly seeking $3.5 billion before a possible IPO: $1.5 billion in convertible notes plus $2 billion from Nvidia, TechCrunch reports. The British AI-cloud company raised a $1.1 billion Series B in March, according to Nscale’s financing announcement, but the new package remains talks rather than a closed round. Infrastructure buyers should file this as a capital-and-commitment signal—not booked revenue—and keep capacity plans tied to delivered megawatts, alongside the archive’s analysis of Nscale’s compute deal.