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British AI infrastructure startup Nscale seeks $3.5B ahead of imminent IPO

Developing1 source · Sep 4, 2026

The two-year-old company is pursuing convertible notes and additional Nvidia financing before going public as early as this month.

British AI infrastructure startup Nscale seeks $3.5B ahead of imminent IPO
Image via TechCrunch

What happened

Nscale, a British AI infrastructure company founded two years ago, is pursuing $3.5 billion in pre-IPO financing and may go public as early as later this month. The company is seeking to sell $1.5 billion in convertible notes to investors and an additional $2 billion from Nvidia, which previously participated in Nscale's Series B round in March. Nscale's Series B, led by Aker and including Nvidia, raised $1.1 billion and was characterized by the company as the largest Series B in European history. The company's Series A in December 2024 raised $155 million. Nscale recently signed a major deal with Anthropic valued at approximately $45 billion.

Context

Nscale's rapid fundraising and imminent IPO reflect intense investor appetite for AI infrastructure as compute has become a competitive currency in the current AI boom. The company has reported to potential investors approximately $103 billion in projected revenue following its Anthropic deal—a figure representing future commitments from signed customer leases rather than current sales. The scale and speed of Nscale's funding rounds and customer commitments underscore both the capital intensity of AI infrastructure provision and the substantial resources being deployed by major AI labs to secure compute capacity.