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Nscale Raises $3.36B Convertible Notes Ahead of NYSE IPO

By Drooid · Sep 26, 2026, 6:14 PM UTC · How we work

Summary

Nscale Secures Funding

Nscale secured $3.36 billion in convertible notes ahead of its NYSE IPO.
The notes provide $2.36 billion now and $1 billion from Nvidia in November 2026.
Third Point led the round with investors Apollo, Citadel and Abu Dhabi Investment Council.
Nscale will use funds to build AI data-center campuses in Norway and West Virginia.
The company cites more than $103 billion in contracted AI-service value.

Summary

Nscale Revenue Soars

Nscale reported first-half 2026 revenue of $140.6 million, a 13-fold year-over-year increase.
Nscale posted a net loss of $1.02 billion for the same period.
Its contracted backlog grew to $103.4 billion, up from $38 billion at year-end 2025.
Nscale may seek up to $35 billion in total financing.
Microsoft and Nvidia are listed as Nscale’s AI-infrastructure partners.

History

Historical Context

Google’s 2006 launch of the The Dalles data center showed cloud infrastructure could be built on hydro power, creating a model for hyperscale sites. By 2024 Google and Microsoft each used 24 TWh of electricity, and AI demand is projected to raise data-center consumption to 945 TWh by 2030. That precedent fuels today’s Nscale round, with Nvidia, Microsoft and Abu Dhabi Investment Council pledging $3.36 billion for AI data-centers.

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Nscale Secures Funding

Nscale secured $3.36 billion in convertible notes ahead of its NYSE IPO.
The notes provide $2.36 billion now and $1 billion from Nvidia in November 2026.
Third Point led the round with investors Apollo, Citadel and Abu Dhabi Investment Council.
Nscale will use funds to build AI data-center campuses in Norway and West Virginia.
The company cites more than $103 billion in contracted AI-service value.

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