# Nscale Secures $3.5B Pre-IPO Financing, Eyes September US Listing

> Nscale, a London-based AI cloud and infrastructure firm, is raising up to $3.5 billion in pre-IPO financing, with $2 billion coming from Nvidia and another $1.5 billion in convertible notes. The round values the company at about $14.6 billion and sets up a US IPO as soon as this month, with Goldman Sachs and JPMorgan leading. The growth behind the numbers is steep. Nscale's quarterly revenue topped $100 million in the second quarter, up from $37 million the quarter before and just $33 million for all of 2025, and it points to a contracted revenue backlog measured in the tens of billions. Nvidia writing a $2 billion check into a customer that then buys its chips is the kind of circular financing now common in the AI buildout. It fuels growth and raises eyebrows in equal measure, and Nscale's listing will be an early public test of how investors value these capital-hungry cloud players.

_Section: [AI Funding Tracker](https://www.wortins.com/funding) · Source: Bloomberg · Published Saturday, September 5, 2026_

## Wortins' read

Nscale, a London-based AI cloud and infrastructure firm, is raising up to $3.5 billion in pre-IPO financing, with $2 billion coming from Nvidia and another $1.5 billion in convertible notes. The round values the company at about $14.6 billion and sets up a US IPO as soon as this month, with Goldman Sachs and JPMorgan leading. The growth behind the numbers is steep. Nscale's quarterly revenue topped $100 million in the second quarter, up from $37 million the quarter before and just $33 million for all of 2025, and it points to a contracted revenue backlog measured in the tens of billions. Nvidia writing a $2 billion check into a customer that then buys its chips is the kind of circular financing now common in the AI buildout. It fuels growth and raises eyebrows in equal measure, and Nscale's listing will be an early public test of how investors value these capital-hungry cloud players.

## Source

[Read the full story at Bloomberg](https://www.bloomberg.com/news/articles/2026-09-04/ai-cloud-firm-nscale-seeking-3-5-billion-in-pre-ipo-financing)

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