Nscale gets $3.5B from NVIDIA ahead of its IPO
Nscale pre-IPO raise of $3.5B to list on the stock market in September. $2B from Nvidia and $1.5B in convertible notes. $103B in contracted revenue.
Nscale, a UK startup founded only two years ago, is preparing for an IPO in September 2026 and has raised $3.5B in pre-IPO funding. The startup gained attention when Anthropic announced a $45B compute deal with Nscale, one of the largest ever in the AI space. It is now going public.
Round Structure: Nvidia and Convertible Notes
This round of funding consists of two components: $1.5B in convertible notes and a $2B direct equity investment from Nvidia. In March 2025, the company raised $1.1B in Series B, at that time the largest European venture funding round ever. In December 2024, the company had a $155M Series A. In only two years, the company went from start-up to IPO.
Scale: $103B in Contracted Revenue
Nscale has achieved $103B in contracted revenue, estimated based on existing contracts with clients. Nscale does not produce chips, but it provides and manages data centres, serving as the missing link between Nvidia and AI researchers. Compute companies are set to become the new public sector of the AI ecosystem.
Source: techcrunch.com
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Evgenii Arsentev
PhD · Chief Executive Officer, digital health
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