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Nscale Wants $3.5B Before an IPO It Says Could Come This Month, With Nvidia Writing $2B of It
Nscale, founded in 2024 and valued at $14.6B in March, is seeking $1.5B in convertible notes led by Daniel Loeb's Third Point plus $2B from Nvidia, ahead of a US listing it says could happen later in September. The company is briefing investors on roughly $103B in total contract value, including a $45B compute agreement with Anthropic, and projecting about $18.1B annual revenue and $13.6B adjusted EBITDA. A chip vendor anchoring the pre-IPO round of a customer that buys its chips is the same circular financing shape now visible across the neocloud tier.
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