Pre-IPO convertible loan notes · AI
Nscale secures $3.36bn in pre-IPO convertible notes
Third Point led a package comprising $2.36bn available at closing and a further $1bn NVIDIA commitment.
The additional NVIDIA commitment was expected in mid-November. The announced $3.36bn total therefore differs from the amount available at closing.
The convertible loan notes are designed to convert into shares at an IPO. The financing supports Nscale’s AI data-centre buildout.
Named backers include NVIDIA, Apollo Global Management, Citadel, Hudson Bay Capital and Abu Dhabi Investment Council, alongside other institutional investors. Goldman Sachs acted as placement agent.
Use of funds
Expand AI data-centre infrastructure