Overview
- Nscale is negotiating about $3.5 billion in bridge capital after reports on Friday that talks are advanced but not final.
- The proposed structure would sell up to $1.5 billion of convertible notes at a double‑digit discount with conversion capped at a $30 billion valuation and aim to raise about $2 billion from Nvidia.
- Goldman Sachs is advising the fundraising while hedge fund Third Point is set to lead the convertible note tranche, according to people briefed on the talks.
- Nscale’s fundraising push follows large customer commitments that lifted its reported contracted backlog to roughly $103 billion, highlighted by a six‑year, $45 billion deal with Anthropic.
- If completed, the financing would tighten commercial and financial ties between a major GPU supplier and a large compute operator and could shape access to chips, funding and pricing as Nscale moves toward an expected IPO.