Nscale Limited, a full-stack AI cloud platform, has raised $3.36bn through convertible loan notes in a round led by Third Point, according to a press release from the company.

The financing includes an initial tranche of $2.36bn at closing and an additional $1bn commitment from Nvidia, with funding from Nvidia expected in mid-November 2026. The loan notes are convertible into ordinary shares automatically upon completion of Nscale's initial public offering, with Nvidia receiving non-voting shares upon conversion.

Other investors in the round include funds managed by Apollo, Citadel, Hudson Bay Capital, Abu Dhabi Investment Council, 8090 Industries, Davidson Kempner Capital Management, Qube Research & Technologies, Context Capital Management, Longaeva Partners, Wellington Management, Castleknight, Ghisallo Capital Management, LionTree Investment Fund, Javelin Venture Partners, and Irving Investors.

Nscale states it has over $103bn in total contracted value. The company says it operates a vertically integrated platform spanning power generation, liquid-cooled data centers, and large-scale GPU clusters.

Josh Payne, Founder and CEO of Nscale, said: "This marks a milestone for Nscale as we continue scaling our full-stack AI infrastructure to meet unprecedented global demand."

Goldman Sachs & Co. LLC acted as placement agent for the transaction.