Nscale announced on September 25, 2026, that it had arranged $3.36 billion in pre-IPO convertible financing, led by Third Point. The announced total includes $2.36 billion available at closing and an additional $1 billion commitment from NVIDIA expected in mid-November 2026.
How the financing is structured
Nscale described the financing as convertible loan notes: loans that, under the announced terms, automatically turn into shares when the company completes its IPO.
| Financing component | Amount | Stated timing |
| Initial tranche | $2.36 billion | Available at closing |
| NVIDIA commitment | $1 billion | Expected in mid-November 2026 |
What happens to the notes at an IPO
Nscale says the notes will automatically convert into ordinary shares when its IPO is completed. NVIDIA is to receive non-voting shares.
Nscale filed a preliminary Form S-1 with the U.S. Securities and Exchange Commission on September 18, 2026. The filing says the company intends to apply to list on the New York Stock Exchange under the ticker NSCL. It also states that the securities cannot be sold until the registration statement becomes effective.
