A company that didn’t exist two years ago is now trying to raise $3.5 billion before going public at a valuation that could hit $30 billion. Nscale, a London-based AI cloud infrastructure provider founded in 2024, is in advanced negotiations for pre-IPO financing that would set the stage for one of the most ambitious tech listings in recent memory.
The fundraising package reportedly includes up to $1.5 billion in convertible notes led by hedge fund Third Point, plus roughly $2 billion in investment from Nvidia. Goldman Sachs is advising on the effort. If the IPO follows as planned, it could raise an additional $3 billion, potentially launching as early as September 2026.
A revenue backlog that doubled in a month
The company’s contracted revenue backlog has ballooned to approximately $103 billion, nearly doubling from around $51 billion just a month prior.
The catalyst for that jump: a six-year, $45 billion agreement with Anthropic for capacity at Nscale’s West Virginia campus. That single deal accounts for nearly half of the entire backlog increase.
