On September 25, 2026, London-based Nscale announced that it had raised $3.36 billion through convertible loan notes led by Third Point. According to the company, $2.36 billion was funded at closing, and NVIDIA made an additional $1 billion commitment with funding expected in mid-November 2026. The notes convert automatically into ordinary shares - non-voting shares in NVIDIA’s case - when Nscale completes an initial public offering.
Participants named in the release include NVIDIA, funds managed by Apollo, Citadel, Hudson Bay Capital, the Abu Dhabi Investment Council and 8090 Industries, alongside Davidson Kempner, Qube Research and Technologies, Wellington Management and others. Goldman Sachs acted as placement agent. Nscale says it has more than $103 billion in total contracted value and that the money will expand its vertically integrated AI cloud, “from behind-the-meter power plants to liquid cooled AI data centers and large-scale GPU clusters.”
Nscale has moved quickly from a European GPU cloud toward a full-stack provider: it agreed to buy Anyscale in July 2026 and signed a $3.5 billion GPU commitment with Figure in early September. A convertible that only turns into equity at listing lets a company raise a large sum now without setting a private valuation, and a roster heavy with hedge funds and credit investors is typical of that structure.
What the release does not show: it gives no valuation, no conversion price or discount, no IPO date or venue, and no breakdown of the $103 billion contracted value by customer or term. Contracted value is a company figure over multi-year agreements, not recognized revenue, and nearly a third of the headline raise was a commitment rather than cash at closing.