UK-based Nscale is negotiating $3.5B in financing ahead of a stock market listing planned for late September. Two billion of that would come from Nvidia — the GPU maker financing its own customer.
Key takeaways
- $1.5B in convertible notes plus $2B from Nvidia — $3.5B in total ahead of the IPO
- IPO planned for late September 2026, two years after the company was founded
- March 2026 Series B: $1.1B, led by the Aker investment fund
- Contract with Anthropic worth roughly $45B
- Around $103B in projected revenue from signed customer leases
Two years from launch to listing
Nscale was founded two years ago and has since raised more capital than most European technology companies do in a decade.
| Stage | Date | Amount | Who is behind it |
|---|---|---|---|
| Series A | December 2024 | $155M | — |
| Series B | March 2026 | $1.1B | Aker fund |
| Term loans | 31 August 2026 | ≈$3B | J.P. Morgan, Goldman Sachs |
| Pre-IPO round | under negotiation | $3.5B | convertible notes + Nvidia |
Contract scale is outrunning the company itself. The deal with Anthropic is worth roughly $45B.
Nvidia on both sides of the table
Of the $3.5B under negotiation, $1.5B would take the form of convertible notes?Convertible notes: Debt that the lender can convert into equity at an agreed point instead of demanding repayment in cash., and $2B would come from Nvidia. The chipmaker is financing the buyer that will spend the money on its own hardware.
This is not a one-off. On August 31 Nscale closed approximately $3B across two term loan facilities: up to $1.85B for the Ward County campus in Texas (about 200 MW of IT load) and up to $1.2B for Madison, North Carolina (about 40 MW). The funds go toward NVIDIA GB300 and VR200 systems.
Why it matters
A chipmaker financing its buyer closes the loop: the money returns to Nvidia as GPU revenue. The $103B projection rests on signed leases rather than delivered capacity, so execution risk shifts onto lenders and future shareholders. The September listing will be the first public test of what the market will pay for that structure.
What's next?
- Nscale's IPO is slated for late September 2026
- The Ward County and Madison campuses together cover roughly 240 MW of IT load, funded by the loans closed on August 31
- Terms of the $3.5B round remain undetermined — talks are ongoing
