NSCALE RAISES $3.36B IN PRE-IPO CONVERTIBLE FINANCING

LONDON, Sept. 25, 2026 /PRNewswire/ -- Nscale Limited, the full-stack AI cloud platform, today announced its $3.36bn raise via convertible loan notes, led by Third Point. The convertible funding round was also supported by new and existing investors including NVIDIA, funds managed by Apollo, Citadel, Hudson Bay Capital, Abu Dhabi Investment Council, and 8090 Industries. Other investors that participated in the financing include Davidson Kempner Capital Management, Qube Research & Technologies (QRT), Context Capital Management, Longaeva Partners L.P., Wellington Management, Castleknight, Ghisallo Capital Management, LionTree Investment Fund, L.P., Javelin Venture Partners, and Irving Investors.

Nscale's full stack AI cloud platform serves hyperscalers, frontier model labs, AI natives, and enterprises building and scaling AI. With over $103bn in total contracted value (TCV), this capital will further accelerate expansion of Nscale's vertically integrated AI cloud platform – from behind-the-meter power plants to liquid cooled AI data centers and large-scale GPU clusters – to support accelerating demand for AI cloud services.

"This marks a milestone for Nscale as we continue scaling our full-stack AI infrastructure to meet unprecedented global demand," said Josh Payne, Founder and CEO of Nscale. "With the backing of these world-class investors, we are strongly positioned to accelerate our data center buildouts globally."

The financing consists of an initial $2.36bn tranche at closing and an additional $1bn commitment from NVIDIA with funding expected in mid-November, 2026. The loan notes are convertible into ordinary shares (or non-voting shares in the case of NVIDIA) automatically upon completion of Nscale's initial public offering.

Goldman Sachs & Co. LLC acted as placement agent for Nscale in connection with this capital raise.

About Nscale

Nscale Limited (Nscale) is a full-stack AI cloud platform. We bring together software, compute, and power in a vertically integrated offering – from a unified cloud platform for running AI training and inference, to the data centers and low-cost power that make it possible. Our mission is to build the engine of superintelligence and enhance access to the benefits of advanced AI for enterprises, governments, and the communities that depend on them.

Forward-Looking Statements & Offering Disclosures

This press release contains forward-looking statements regarding the proposed convertible loan note financing, the expected closing of tranches, and the intended use of proceeds. These statements are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially. The Notes and any underlying securities have not been registered under the Securities Act of 1933 or state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption. This release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities.