Nscale raises $3.36B pre-IPO, including $1B from Nvidia
AI infrastructure company Nscale said it raised $3.36 billion through convertible loan notes, including a $1 billion commitment from Nvidia, with the funds expected to arrive in mid-November 2026. The London-based firm has filed a Form S-1 registration statement with the US SEC for a New York Stock Exchange listing, and market expectations put its valuation as high as roughly $35 billion, up from $146 billion less than a month earlier. Nscale disclosed active and signed total contract value of about $103.4 billion, anchored by an Anthropic GPU services deal signed in August 2026 worth up to roughly $44.6–45 billion for about 460 MW at the West Virginia Monarch campus, deploying Nvidia's Vera Rubin GPUs.
It shows the AI race shifting toward power, data centers and GPU delivery capacity, with Nvidia and Anthropic both tied to a single infrastructure supplier — concentrating capital and contracts in a few hands.