Nscale: AI deals, investors and valuation

FT: Microsoft gives up the option that would have more than doubled the Texas contract (tens of billions); the existing contract remains.

Nvidia is negotiating to guarantee Nscale's debt for a 460 MW data center to be used by Anthropic.

Bloomberg: talks for a second 460 MW Monarch facility; terms not final.

Nvidia commits $1 billion in convertible notes in Nscale's $3.36 billion pre-IPO round; Nscale leases capacity to Microsoft and Anthropic.

Third Point leads Nscale's pre-IPO round in convertible notes ($2.36 billion upfront plus $1 billion from Nvidia), with Apollo, Citadel and Abu Dhabi fund ADIC.

Nscale closes about $3.4 billion of pre-IPO convertible bonds, which convert into shares at listing (conversion cap at a $30 billion valuation).

Multi-year deal for 100,000 Nvidia Vera Rubin GPUs at the Barstow (Texas) site from 2027; Nscale also takes a stake in Figure. Nvidia is a shareholder in both.

Four GPU service contracts (Vera Rubin) at the Monarch campus, revealed in Nscale's S-1; Nscale has yet to finance them.

Microsoft gives up acting as anchor customer of the Loughton (Essex) site, about $3 billion, due to delays in the power connection. Approximate date.

After OpenAI's exit, Microsoft takes the capacity at Nscale's Narvik site, with more than 30,000 Nvidia Vera Rubin GPUs.

Nscale takes over the 8 GW Monarch campus and Microsoft signs a letter of intent for 1.35 GW of Vera Rubin compute.

Round led by Aker and 8090 Industries with Citadel, Dell, Jane Street, Nokia, Point72 and Nvidia.

$2 billion Series C led by Aker and 8090 Industries, with Nvidia, Citadel, Dell and Jane Street: Nscale is valued at $14.6 billion.

Orders signed between September 2025 and April 2026 running to 2033 (Texas, Portugal, UK, Norway); initially ~200,000 GB300s for ~$23 billion.

The British neocloud raises $1.1 billion with Aker, Nvidia, Nokia and Dell.

OpenAI is exploring offtake of up to 8,000 Nvidia GPUs in the UK (scalable to 31,000) at Nscale sites, under the US-UK technology pact.

Data center in Narvik (Nscale-Aker JV) with 230 MW initially and 100,000 Nvidia GPUs by end-2026; OpenAI is the main customer (offtaker).