Nscale has raised $3.36 billion through pre-IPO convertible loan notes, adding another multibillion-dollar financing package to the global race to build AI compute infrastructure.

The company says the financing was led by Third Point and includes participation from NVIDIA, Apollo-managed funds, Citadel, Hudson Bay Capital, Abu Dhabi Investment Council and other investors. The transaction arrives only days after BitcoinVersus.tech covered Nscale’s New York IPO filing.

The structure matters. Nscale receives an initial $2.36 billion tranche at closing. A separate $1 billion commitment from NVIDIA is expected to fund in mid-November 2026, meaning that future tranche should not be counted as cash already received. Recent reporting describes the notes as converting into equity when Nscale completes its planned IPO.

The capital is intended to accelerate Nscale’s vertically integrated platform, which stretches from power generation and liquid-cooled AI data centers to large GPU clusters. That buildout sits inside a much larger financing cycle. BitcoinVersus.tech recently examined how Big Tech guarantees are supporting AI infrastructure financing and why AI data-center debt is getting more expensive.

Nscale’s expansion is also tied directly to next-generation hardware. In the physical-AI push, Figure has selected Nscale as its preferred compute provider for a potential deployment of up to 100,000 NVIDIA Vera Rubin GPUs. BitcoinVersus.tech has separately tracked Vera Rubin NVL72 rack deployments and the growing electrical challenge behind flexible AI data-center power.

The scale comes with execution risk. Industry reporting notes that Nscale has five active data centers while a much larger portfolio remains under development. Its announced contracted value and future GPU deployments therefore describe commitments and pipeline, not an equivalent amount of infrastructure already energized.

Nscale’s roots make the transition particularly notable for Bitcoin infrastructure. The business was spun out of cryptocurrency-mining operator Arkon Energy, while other mining companies are making similar moves toward AI and HPC. BitcoinVersus.tech recently reported that public Bitcoin miners still control roughly 45% of network hashrate even as capital and power increasingly flow toward AI infrastructure.

Follow BitcoinVersus.tech on X

Editorial note and disclaimer: BitcoinVersus.tech covers the intersection of Bitcoin, technology, computing, energy and emerging infrastructure. Financing commitments, contracted values and planned GPU deployments are distinguished from cash already funded and infrastructure already operating. This article is for informational purposes and is not financial or investment advice.