British AI infrastructure company Nscale is reportedly seeking another $3.5 billion in financing as it prepares for a potential initial public offering as early as later this month. The two-year-old company is discussing a $1.5 billion convertible-note sale to investors alongside a separate $2 billion financing package from Nvidia, according to Bloomberg.
Convertible notes are loans that can later convert into shares of the company. Nscale and Nvidia did not immediately respond to TechCrunch’s requests for comment.
Nvidia Has Already Backed Nscale
Nvidia previously participated in Nscale’s $1.1 billion Series B round, which was led by investment company Aker and announced in September 2025. Nscale described the financing at the time as the largest Series B round in European history.
The company had previously raised $155 million in its Series A in December 2024. The latest proposed financing would add substantially more capital shortly before Nscale’s possible public listing.
Contracted Revenue Rises After Anthropic Deal
Nscale recently signed an agreement with Anthropic worth about $45 billion for AI computing infrastructure. Following that agreement, the company has reportedly been telling prospective investors that it has approximately $103 billion in contracted revenue.
That figure does not represent revenue Nscale has already earned. Instead, it is a projection based on customer leases that have been signed, according to The Information.
Before the Anthropic agreement, Nscale had reported approximately $51 billion in contracted revenue. The higher figure includes the Anthropic contract and additional agreements with other AI customers as the company prepares for a possible IPO.
Featured image credits: Magnific.com
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