Nscale, the British AI infrastructure company that recently signed a roughly $45 billion compute deal with Anthropic, is in talks to raise an additional $3.5 billion ahead of a possible IPO as early as this month, Bloomberg reported on Friday.
According to the report, Nscale is seeking to sell about $1.5 billion in convertible notes — debt that can later convert into equity — to a group of investors, while also pursuing around $2 billion in financing from Nvidia. The chipmaker already has a relationship with the two-year-old company: it participated in Nscale's Series B in March, a $1.1 billion round led by the investment firm Aker that Nscale hailed as "the largest Series B in European history." Nscale's Series A, in December 2024, raised $155 million.
TechCrunch, which reported the news on Friday, said Nscale and Nvidia did not respond to requests for comment, and noted that the terms are not final.
The talks come amid a boom in AI infrastructure, where compute has become the industry's most sought-after currency. Earlier this week it emerged that Nscale had been telling potential investors that it has roughly $103 billion in revenue following the Anthropic deal — a figure that is not current sales but a projection based on signed customer leases, according to The Information.
The extra capital would arrive as Nscale appears to be preparing to go public, a move that would test investor appetite for a pure-play AI compute provider at a moment of intense demand for data centers, chips and the energy to power them.
