Nscale Pre-IPO Convertible: $3.36B Led by Third Point

Nscale Limited, the full-stack AI cloud platform, announced on September 25, 2026 a $3.36 billion raise via convertible loan notes, led by Third Point. The company press release and a same-day PR Newswire dated 09:00 ET match on the structure: an initial $2.36 billion tranche at closing, plus an additional $1 billion commitment from NVIDIA with funding expected mid-November 2026. The primary wire does not disclose a valuation.

Nscale puts over $103 billion in total contracted value (TCV) on that paper. That figure is company-reported.

Who is on the paper

Third Point led. The convertible funding round was also supported by new and existing investors including NVIDIA, funds managed by Apollo, Citadel, Hudson Bay Capital, Abu Dhabi Investment Council, and 8090 Industries.

Other investors named on the wire: Davidson Kempner Capital Management, Qube Research & Technologies (QRT), Context Capital Management, Longaeva Partners L.P., Wellington Management, Castleknight, Ghisallo Capital Management, LionTree Investment Fund, L.P., Javelin Venture Partners, and Irving Investors.

How the notes convert

The loan notes convert into ordinary shares, or non-voting shares for NVIDIA, automatically upon completion of Nscale’s initial public offering. Goldman Sachs & Co. LLC acted as placement agent.

The Notes and any underlying securities have not been registered under the Securities Act of 1933 or state securities laws. The company says the release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities.

Company-reported platform. Not independently verified here.

Nscale describes a vertically integrated AI cloud: behind-the-meter power plants, liquid-cooled AI data centers, and large-scale GPU clusters, serving hyperscalers, frontier model labs, AI natives, and enterprises. Those product and customer-class labels are the company’s. The primary wire does not give GPU count, megawatts, or ARR.

“This marks a milestone for Nscale as we continue scaling our full-stack AI infrastructure to meet unprecedented global demand. With the backing of these world-class investors, we are strongly positioned to accelerate our data center buildouts globally.”

Josh Payne, founder and CEO of Nscale, on the September 25 company press release. The distinguishing facts on that paper remain the $3.36 billion convertible, Third Point as lead, the $2.36 billion close plus $1 billion NVIDIA commitment, and automatic conversion at IPO.