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

British AI neocloud company Nscale has secured $3.36 billion in convertible financing ahead of its planned IPO later this year. The funding round, led by hedge fund Third Point, includes $2.36 billion in immediate capital and a $1 billion investment from Nvidia, expected in mid-November. The notes are structured to convert into equity upon the completion of the IPO. Reports suggest Nscale is targeting a $35 billion valuation on the NYSE and aims to raise $3 billion through the offering. Since spinning out of Arkon Energy two years ago, Nscale has secured over $103 billion in contracts and is currently developing major data center campuses in Norway and West Virginia.