By Ana-Maria Stanciuc
Publication Date: 2026-09-25 16:39:00
Nscale has closed a $3.36B pre-IPO convertible note round led by Third Point, with Nvidia, Apollo, Citadel and the Abu Dhabi Investment Council among the investors, three weeks after it was reported to be seeking up to $3.5B. The London company filed to list on the New York Stock Exchange last week under the ticker NSCL.
Nscale has raised $3.36B in a pre-IPO convertible note round led by Third Point, Bloomberg reported. Nvidia, Apollo, Citadel, Hudson Bay Capital, the Abu Dhabi Investment Council and 8090 Industries took part. The company is based in London and filed last week to list in New York.
It asked for more than that.
Three weeks ago it was reported to be seeking $3.5B, split between convertible notes led by Third Point and a larger cheque from Nvidia. What closed is about $140M short of that. Goldman Sachs acted as placement agent.
Nvidia’s money arrives later.
The total includes a $2.36B tranche and a separate $1B commitment from Nvidia expected in mid-November. The notes convert into ordinary shares when the listing completes, or into non-voting shares in Nvidia’s case. The listing itself may raise as much as $3B on top of what has just been committed.
Nvidia has done this before.
It bought SB Energy stock at 90% of its IPO price this month, also in non-voting form, also before a listing. It now holds around $99B of shares in companies that buy its chips. Nscale is one of them.
The conversion terms name a number.
The notes are…
