Nscale Locks In $3.36B Convertible Round Ahead of NYSE Debut

Nscale Limited, a London-based operator of specialized data centers for artificial intelligence workloads, has secured $3.36 billion in convertible financing as it prepares to list on the New York Stock Exchange.

The pre-IPO round was led by activist hedge fund Third Point and drew participation from Apollo Global Management (APO), Citadel, Hudson Bay Capital, and the Abu Dhabi Investment Council. The structure splits into an immediate $2.36 billion tranche and a separate $1 billion forward commitment from Nvidia Corp. (NVDA), which is slated to fund in mid-November 2026.

Nvidia will receive non-voting shares when the loan notes automatically convert into ordinary stock upon completion of the initial public offering. Goldman Sachs & Co. LLC (GS) served as placement agent on the financing while also acting as a lead underwriter for the listing alongside JPMorgan Chase & Co. (JPM) and Morgan Stanley (MS).