Nscale Raises $3.36 Billion in Pre-IPO Funding Round

Nscale Global Holdings Limited, a London-based company originating from a cryptocurrency mining operation, closed a $3.36 billion pre-IPO convertible note round. The funding was led by Third Point and includes a $2.36 billion tranche alongside a $1 billion commitment from Nvidia, which is expected in mid-November.

Other participants in the round include Apollo, Citadel, Hudson Bay Capital, the Abu Dhabi Investment Council, and 8090 Industries, with Goldman Sachs serving as the placement agent. The company filed last week to list on the New York Stock Exchange under the ticker NSCL, a move that could raise an additional $3 billion.

Financial reports for the first half of the year show Nscale recorded revenue of $140.6 million against a net loss of $1.02 billion. Despite the losses, the company reports a contracted backlog of $103.4 billion.