AI Cloud Firm Nscale Raises $3.36B Convertible Debt Financing

Nscale, an AI cloud infrastructure company, announced on September 25 that it has completed a $3.36 billion convertible loan financing round. The round was led by Third Point, with participation from NVIDIA, Apollo Management, Citadel, Hudson Bay Capital, and the Abu Dhabi Investment Committee, among other new and existing investors.

The financing includes an initial $2.36 billion funded at closing, plus a further $1 billion commitment from NVIDIA that is expected to arrive in November 2026. The loan notes will automatically convert into ordinary shares upon Nscale's initial public offering, with NVIDIA's portion convertible into non-voting shares.