British AI infrastructure company Nscale is considering a stock market listing as soon as later this month while seeking up to $3.5 billion in additional pre-IPO financing, according to reports.
Bloomberg reported that Nscale is looking to raise $1.5 billion through convertible notes, a form of borrowing that can later be exchanged for shares. The company is also seeking a further $2 billion from Nvidia, the US chipmaker and a previous investor.
Nvidia took part in Nscale’s $1.1 billion Series B fundraising round in March, which was led by investment firm Aker. Nscale described the funding as the largest Series B raised by a European company.
The company raised $155 million in its Series A round in December 2024. Founded only two years ago, Nscale has grown rapidly as demand for the computing infrastructure needed to develop and run artificial intelligence systems has surged.
Its reported fundraising efforts follow a deal with Anthropic valued at about $45 billion. The agreement is understood to involve long-term customer leases rather than immediate sales.
The Information reported earlier this week that Nscale had told prospective investors it had about $103 billion in revenue following the Anthropic agreement. That figure is a projection based on signed leases, rather than the company’s current turnover.
Nscale and Nvidia have been approached for comment on the reported financing and potential initial public offering.
