Nscale Seeks $3.5B Pre-IPO Financing With $2B From Nvidia, Third Point Leads $1.5B Convertibles

London-based AI cloud firm Nscale is in talks to raise up to $3.5B in pre-IPO financing ahead of a New York listing, including roughly $2B from Nvidia and $1.5B in convertible notes led by Daniel Loeb's Third Point. Nscale is telling investors its contracted revenue backlog has ballooned to about $103B from $51B just a month ago, driven largely by a $45B Anthropic compute deal signed August 26 after Microsoft and Google passed. The company projects roughly $18.1B annual revenue and $13.6B in adjusted earnings on that book.