Nscale Secures $2 Billion from Nvidia Ahead of IPO Plans

Nscale, a London-based AI infrastructure company, has entered into an unsecured convertible loan agreement with Nvidia valued at approximately $2 billion. This deal is part of a larger pre-IPO fundraising initiative that aims to raise around $3.5 billion as Nscale prepares for a listing in the United States.

The convertible notes from Nvidia complement an additional $1.5 billion tranche reportedly led by Third Point, both offered at a discount to Nscale’s anticipated IPO valuation. Originally a spin-out from Arkon Energy, Nscale has transitioned from crypto mining to providing AI data center solutions, expanding its operations across the US, Europe, and Norway.

With contracts totaling about $103 billion and an average duration of 5.7 years, Nscale's customer base includes major players like Microsoft and Anthropic. The company previously raised $2 billion in a Series C funding round in March 2026, valuing it at $14.6 billion, and secured roughly $3 billion in senior secured loans later that year to develop AI campuses in Texas and North Carolina.

Nvidia's ongoing involvement with Nscale is notable, as the chipmaker has previously engaged in GPU-backed financing arrangements with the company. The unsecured nature of the current convertible loan notes indicates Nvidia's commitment to supporting Nscale amid its existing $3 billion in senior secured loans.