London-based AI infrastructure platform Nscale has raised $3.36 billion in a pre-IPO funding round backed by hedge fund Third Point and chipmaker Nvidia. The financing includes an initial $2.36 billion tranche convertible into ordinary shares upon IPO, while Nvidia’s $1 billion investment will activate in mid-November as non-voting shares. The conversion price will be set at a double-digit discount to the IPO price, capped at a $30 billion valuation. The company, which pivoted from cryptocurrency mining two years ago, filed its S-1 and is targeting a NYSE listing under the ticker NSCL.
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