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AI compute provider Nscale seeks $3.5B in pre-IPO financing
British AI infrastructure company Nscale is in talks to raise $3.5 billion ahead of a possible IPO later this month, following its $45 billion deal with Anthropic.
The two-year-old company is looking to sell $1.5 billion in convertible notes to a group of investors, while also seeking an additional $2 billion in financing from Nvidia, according to a report on Friday.
Nscale, which has said it may go public as early as this month, recently completed a $1.1 billion Series B round in March, led by investment fund Aker. Nvidia participated in that round, which Nscale hailed as "the largest Series B in European history." The company's Series A, in December 2024, raised $155 million.
Earlier this week, reports indicated Nscale has been telling potential investors it has approximately $103 billion in revenue following its deal with Anthropic. That figure is not current sales but a projection based on signed customer leases.
The fundraising push comes amid a surge in AI infrastructure startups, as compute has become a critical competitive asset in the AI industry. Nscale's $45 billion agreement with Anthropic underscores the scale of its operations.