Nscale raises $3.36B in convertible notes ahead of a planned ~$35B NYSE IPO
On Sept 25, 2026 British neocloud Nscale secured $3.36B in convertible notes led by Third Point ($2.36B now, NVIDIA's $1B in mid-November). It had filed for a NYSE IPO (ticker NSCL) around Sept 18, targeting a ~$35B valuation and a ~$3B raise. H1 2026 revenue was $140.6M with a $1.02B net loss and $103B+ in contracts.
Key facts
- $3.36B convertible notes led by Third Point; $2.36B available now, NVIDIA's $1B mid-November
- IPO filing (NYSE: NSCL) ~Sept 18; target ~$35B valuation, ~$3B raise
- H1 2026: revenue $140.6M, net loss $1.02B; contracts $103B+ (incl. Anthropic's $45B deal of Aug 2026)
- Nscale's S-1 (Bloomberg, Sept 21): Microsoft and Anthropic account for 85% of its $103B total contract value; only $2.6B of contract value was active as of late August
What happened
One of the fastest-growing AI neoclouds is going public with contracts worth hundreds of times its current revenue.
Why it matters
It is another AI infrastructure IPO in the SpaceX–Anthropic–OpenAI listing wave, and it tests how public markets value compute backlog against losses.
Changelog
- 2026-09-29: created
- 2026-09-29: sweep 2026-09-29: added S-1 customer concentration
Related events
- Reuters obtains Anthropic's IPO prospectus: $2T+ target valuation, $4.6B 2025 revenue, 80 pages of risk factors incl. existential risk ★★★★
- Anthropic commits $11.6B over seven years to Akamai Cloud and gets warrants for up to 5% of Akamai ★★★
Sources (3)
- pressTechCrunch: Nscale secures $3.36B in convertible financing ahead of US IPO
- pressFortune: Nscale wants a $35 billion valuation
- pressBloomberg: Anthropic and Microsoft dominate Nscale's $103 billion in contracts
id: 2026-09-25-nscale-convertible-ipo · updated 2026-09-29 · open in the interactive timeline