Third Point-Backed $3.36 Billion Convertible Note Deal Positions Nscale for Public Markets

A USD 3.36 Billion War Chest Tied to a Future Listing

Nscale Limited, the London-headquartered full-stack AI cloud platform, revealed on 25 September 2026 that it has secured USD 3.36 billion in convertible loan note financing, with hedge fund Third Point leading the round.

The raise, announced from the company's London headquarters, comes ahead of a planned initial public offering, and the notes are structured to convert automatically into ordinary shares once that listing completes, or into non-voting shares in the case of NVIDIA. The money arrives in two stages.

An initial tranche of USD 2.36 billion closed at announcement, while a further USD 1 billion commitment from NVIDIA is expected to fund in mid-November 2026. Goldman Sachs & Co. LLC served as placement agent on the transaction.

Who Signed On

Alongside Third Point, the financing drew support from a broad mix of new and existing backers: NVIDIA, funds managed by Apollo, Citadel, Hudson Bay Capital, Abu Dhabi Investment Council, and 8090 Industries.

Also participating were 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.

The company's disclosure carried the customary securities-law caution: the notes and any underlying securities have not been registered under the Securities Act of 1933 or state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption. The release stated it was for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities.

What the Capital Is Meant to Buy

According to Nscale, the proceeds will accelerate the expansion of its vertically integrated AI cloud platform, which stretches from behind-the-meter power plants through liquid-cooled AI data centers to large-scale GPU clusters. The company said the financing is intended to support accelerating demand for AI cloud services, serving a client base that includes hyperscalers, frontier model labs, AI natives, and enterprises building and scaling AI.

Nscale reports holding more than USD 103 billion in total contracted value (TCV). "This marks a milestone for Nscale as we continue scaling our full-stack AI infrastructure to meet unprecedented global demand," said Josh Payne, Founder and CEO of Nscale. "With the backing of these world-class investors, we are strongly positioned to accelerate our data center buildouts globally."

The Vertically Integrated Model

The company describes itself as a full-stack AI cloud platform that combines software, compute, and power in a single vertically integrated offering. Its portfolio runs from a unified cloud platform for AI training and inference workloads down to the data centers and low-cost power that underpin them.

Nscale states that its mission is to build what it calls the engine of superintelligence and to broaden access to the benefits of advanced AI for enterprises, governments, and the communities that rely on them.

Legal Housekeeping and Contacts

The press release included standard forward-looking statement language, flagging that statements concerning the proposed convertible loan note financing, the expected closing of tranches, and the intended use of proceeds rest on current expectations and involve risks and uncertainties that could cause actual results to differ materially.