Nscale Limited has secured a $3.36 billion pre-IPO convertible financing to fund expansion of its AI infrastructure, including data centers, power generation, and GPU clusters ahead of a potential public listing.

NVIDIA is contributing about $1 billion to the round, with the investment expected to close separately in November 2026, subject to timing.

The investor syndicate is led by Third Point and includes NVIDIA, Apollo, Citadel, Hudson Bay Capital, Abu Dhabi Investment Council, 8090 Industries, and other funds and managers.

The move comes as demand for GPUs and data center capacity outpaces traditional hyperscalers, fueling rapid growth of independent GPU clouds (neoclouds).

Anthropic has diversified compute goals, targeting up to 5 gigawatts of AWS-based capacity and 5 gigawatts of TPU-based capacity from Google, while continuing to use Nvidia hardware as part of its mix.

The investment is viewed as a way to maintain access to AI demand and secure continued collaboration with Anthropic, though it would be relatively small for Nvidia given its profits and market position.

Nscale’s Ward County campus is designed for up to 200 MW of IT load with advanced liquid cooling, while its Madison campus spans 96 acres and supports up to 40 MW.

The move signals Nvidia’s broader strategy of investing in AI infrastructure and related companies beyond core chip sales.

Funds will back data center campuses planned in Norway and West Virginia to host Nvidia hardware and related infrastructure.

Nscale aims for end-to-end control of its stack, including near-term power generation, data center capacity, GPU ecosystems, and software for AI training and inference.

The deal could deepen Nvidia’s ties to a major customer and signal confidence in Anthropic’s growth and AI compute demand, though specifics remain unconfirmed.

Note: Evan Mercer is an AI-generated correspondent for Unite.AI, with editorial review for accuracy.