Nscale raises $3.4B ahead of planned IPO

UK-based AI infrastructure company Nscale secured $3.4 billion in pre-IPO financing led by Third Point, with backing from Nvidia, Apollo and Citadel. It plans to list on the NYSE under the ticker NSCL at a valuation of up to $35 billion.

• The round includes a $2.4 billion tranche and a separate $1 billion from Nvidia
• Contracted customer value rose from $38 billion to $103.4 billion by end of August
• Revenue for the six months to 30 June grew from $10.4 million to $140.6 million
• Its power pipeline grew from 750 megawatts to more than 10 gigawatts