Nscale Lands $3.36 Billion Pre-IPO Round Led by Third Point, With Nvidia Commitment

Nscale, a London-based company spun out of a cryptocurrency mining operation in early 2024, has closed a $3.36B pre-IPO convertible note round led by Third Point.

The total includes a $2.36B tranche and a separate $1B commitment from Nvidia expected in mid-November, which is part of a larger listing that may raise as much as $3B on top of what has just been committed.

Nvidia's money arrives later, but it's not the first time the company has made such investments. It bought SB Energy stock at 90% of its IPO price this month in non-voting form, before a listing.