London – – September 25, 2026 -- Nscale Limited has closed a $3.36 billion convertible loan note financing led by Third Point, with NVIDIA committing an additional $1 billion tranche expected to fund in mid-November 2026.
Nscale secures $2.36 billion at initial closing, with NVIDIA's $1 billion tranche to follow
The financing structure splits into two tranches: a $2.36 billion initial close and a subsequent $1 billion commitment from NVIDIA. Goldman Sachs & Co. LLC acted as placement agent for the round.
Investor roster spans hedge funds, sovereign capital and AI-native backers
Beyond Third Point and NVIDIA, the round drew participation from Apollo-managed funds, Citadel, Hudson Bay Capital, Abu Dhabi Investment Council and 8090 Industries. Additional backers include Davidson Kempner Capital Management, Qube Research & Technologies, Context Capital Management, Longaeva Partners, Wellington Management, Castleknight, Ghisallo Capital Management, LionTree Investment Fund, Javelin Venture Partners and Irving Investors.
Notes convert to equity automatically upon IPO completion
The loan notes convert into ordinary shares — or non-voting shares in NVIDIA's case — automatically upon completion of Nscale's initial public offering, tying the financing directly to a future listing event.
Nscale reports $103 billion in total contracted value across its AI cloud platform
Nscale operates a vertically integrated AI cloud platform spanning behind-the-meter power plants, liquid-cooled data centers and large-scale GPU clusters, serving hyperscalers, frontier model labs, AI-native companies and enterprises. The company states it holds over $103 billion in total contracted value (TCV) across its client base.
Founder and CEO Josh Payne said the raise positions Nscale to accelerate global data center buildouts amid rising demand for AI infrastructure.