$3.5 billion. That’s the number floating around Nscale right now, and it’s not a valuation — it’s the cash the London-based AI compute firm wants to raise before it even gets to the public market. Let me repeat that: they’re asking for more than three and a half billion dollars on the way out the door, not on the way in.
I’m Jordan Hayes, and I review AI tools and agents for a living. I don’t care about the champagne at the IPO party. I care about what this financing says about the AI compute business — and whether the people pouring money into it actually know what they’re buying.
The Deal, As Reported
Nscale is reportedly looking to raise $3.5 billion in pre-IPO financing, split two ways. First, there’s the plan to sell up to $1.5 billion in convertible notes to a group of investors. Second, there’s a $2 billion chunk thetor, you should read the fine print. That’s not paranoia. That’s due diligence.
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