Nscale, a UK-based AI infrastructure startup that was established just two years ago, has indicated it could go public as soon as later this month. In anticipation of that potential IPO, the company is reportedly in discussions to secure an additional $3.5 billion in funding. According to a Friday report from Bloomberg, Nscale is seeking to raise $1.5 billion through convertible notes—a form of debt that can later be converted into company shares—offered to a select group of investors. At the same time, the firm is also pursuing an extra $2 billion in financing directly from Nvidia.

This wouldn't be the first time Nvidia has backed the company. Nvidia also took part in Nscale's Series B funding round in March, which raised $1.1 billion and was spearheaded by the investment firm Aker. At the time, Nscale touted the round as "the largest Series B in European history." Prior to that, the company's Series A round, completed in December 2024, brought in $155 million.

The rapid growth of AI infrastructure startups reflects the broader surge in enthusiasm around artificial intelligence, where computing power has become a highly valuable competitive asset. Nscale has recently secured a major agreement with Anthropic valued at roughly $45 billion. Earlier this week, reports indicated that Nscale had been informing prospective investors that it now anticipates approximately $103 billion in revenue as a result of that deal. It's important to note that this figure does not represent current sales; rather, it is a forward-looking projection based on signed customer leases, as detailed by The Information.