British AI cloud company Nscale has raised $3.36 billion in convertible loan notes ahead of its planned U.S. stock listing, one of the biggest pre-IPO financings of the AI infrastructure boom. The company announced the raise on September 25.

Hedge fund Third Point led the financing, with investors including Nvidia, Apollo-managed funds, Citadel and the Abu Dhabi Investment Council. Nscale said an initial $2.36 billion tranche arrives at closing, with another $1 billion from Nvidia expected in mid-November. The notes convert automatically into shares when the IPO completes; Nvidia’s notes convert into non-voting shares. Goldman Sachs acted as placement agent.

Nscale builds AI data centers and rents out their computing power. It reports more than $103 billion in total contracted value, much of it tied to Microsoft and Anthropic deals, according to press reports. “This marks a milestone for Nscale as we continue scaling our full-stack AI infrastructure to meet unprecedented global demand,” said founder and CEO Josh Payne.

Why it matters: the raise shows how much cash the AI buildout demands — data centers, power and chips must be funded years before customer workloads go live.