Nscale funding rounds & valuation history
Nscale, the London-based AI cloud and data-centre company, from its 2024 Series A to its 2026 pre-IPO convertible and NYSE filing, sourced to Nscale’s own releases, TechCrunch and CNBC.
Round history
Newest first. Dashed badges and striped rows are not closed transactions. “—” means the source does not disclose the figure or it cannot be computed on the same basis; see the note in each row.
| Date | Status | Round | Amount | Lead / buyer | Valuation | Val. ÷ run-rate | Source |
|---|---|---|---|---|---|---|---|
Closed round |
Pre-IPO convertible notesConvertible debt, not a priced equity round. Nvidia’s $1B tranche was due mid-November 2026; its funding is not confirmed in the sources read. |
$3.36B$2.36B at closing + $1B from Nvidia expected mid-November 2026 (Nscale) |
Third PointAlso: Nvidia, Apollo funds, Citadel, Hudson Bay, Abu Dhabi Investment Council, 8090 Industries |
No valuation (convertible notes)Notes convert into shares once the IPO is completed (TechCrunch) |
—Not disclosedNo run-rate stated in the announcement |
||
IPO filing |
IPO filing (S-1, NYSE: NSCL)Registration statement filed publicly 18 Sep 2026; S-1/A (Amendment No. 1) filed 12 Nov 2026 (SEC). Price range still blank; not priced as of 13 Nov 2026. |
—Not disclosed |
—Not disclosed |
Price range not setNscale: “the price range … ha[s] not yet been determined”. TechCrunch cites an FT report of a ~$35B target; not a filed or priced figure |
—Not disclosedIPO filing; no valuation or multiple |
||
Closed round |
Series CCo-led. Nscale calls it the largest Series C in European history. The Aker–Nscale Norway joint venture was rolled into Nscale alongside the round. |
$2BIncludes the pre-Series C SAFE (Nscale) |
Aker ASA, 8090 Industries |
$14.6BStated by Nscale (“values Nscale at $14.6 billion”); basis not stated |
—Not disclosedNo run-rate stated in the announcement |
||
Closed round |
Series BNscale: the largest Series B in UK and European history. |
$1.1B |
Aker ASAAlso: Sandton Capital (existing); Blue Owl, Dell, Fidelity, G Squared, Nokia, Nvidia, Point72 and others |
Not disclosedNo company valuation stated by the source |
—Not disclosedNo run-rate stated in the announcement |
||
Closed round |
Series AOversubscribed, per Nscale. |
$155M |
Sandton Capital PartnersAlso: Kestrel 0x1, Blue Sky Capital Managers, Florence Capital |
Not disclosedNo company valuation stated by the source |
—Not disclosedNo run-rate stated in the announcement |
Amount raised in each closed round
Amounts raised, not valuations: only the Series C ($14.6B) has a stated valuation. The convertible total includes Nvidia’s $1B tranche due mid-November 2026.
Sources: Nscale; TechCrunch. US$ billions, linear scale.
Timeline
Each round and share sale, oldest first.
- 9 Dec 2024 · Closed
Series A: $155M led by Sandton Capital.
- 25 Sep 2025 · Closed
Series B: $1.1B led by Aker.
- 9 Mar 2026 · Closed
Series C: $2B at $14.6B, led by Aker and 8090 Industries.
- 18 Sep 2026 · IPO filing
Files to list on the NYSE as NSCL; S-1/A filed 12 Nov 2026; price range still blank.
- 25 Sep 2026 · Closed
$3.36B pre-IPO convertible notes led by Third Point.
Cite this dataset
Free to quote with a link back. Copy this citation:
Nscale Funding Rounds & Valuation History. Private Valuation & Funding Round Tracker, GrowthNavigateFunding.net, updated 13 Nov 2026. https://growthnavigatefunding.net/funding/nscale/
Download the data
The same 5 rows as the table: numeric US$ columns, empty cells where a figure is not disclosed, and a source URL for every row.
- File
nscale-rounds.csv(UTF-8, comma-separated)- Stable URL
https://growthnavigatefunding.net/wp-content/uploads/2026/11/nscale-rounds-1.csv- Columns
id,date,date_precision,status,transaction_type,round,amount_usd_low,amount_usd_high,lead_or_buyer,co_leads,valuation_usd_low,valuation_usd_high,valuation_basis,valuation_to_run_rate_multiple,multiple_bound,multiple_basis,step_up_vs_prior_closed,price_per_share_usd_low,price_per_share_usd_high,shares,source,source_url,other_source_urls,notes,last_updated- Updated
- (IST)
Methodology & status definitions
How each row is labelled and calculated.
Closed round
A primary round announced by the company or confirmed in the press, bringing new money to the company.
IPO filing
A registration statement or prospectus filed with a regulator. It is Status, not a priced IPO; nothing is treated as a closed valuation.
Valuation ÷ run-rate
Post-money valuation ÷ the run-rate the company stated in that announcement (GNF calc.). Where the run-rate is “crossed” or “over” a figure, the multiple is shown as “under X×”. No row qualifies here unless shown, so no multiple is invented.
What is not a separate row
The October 2025 pre-Series C SAFE (folded into the $2B Series C), project and GPU-backed debt, joint-venture capital, and IPO valuation targets reported by the press.
Updates & corrections
This page stays at one address and is updated in place; the “Last updated” date above drives the citation and the dataset metadata. Corrections: hello@growthnavigatefunding.net. Informational only; not investment advice.
Changelog
- : Dataset first compiled (batch 2, not yet published).
Sources
- Nscale: Nscale Raises $3.36 Billion in Pre-IPO Convertible Financing, 25 Sep 2026
- TechCrunch: Ahead of US IPO, British AI neocloud Nscale secures $3.36B in convertible financing, 25 Sep 2026
- Nscale: Nscale Files Registration Statement for Proposed Initial Public Offering, 18 Sep 2026
- CNBC: AI cloud provider Nscale files to go public, 18 Sep 2026
- SEC: Nscale plc, Amendment No. 1 to Form S-1, 12 Nov 2026 (registration no. 333-299011)
- CNBC: Nscale updates IPO prospectus that shows widening loss, 12 Nov 2026
- Nscale: Nscale Raises $2 Billion in Series C, 9 Mar 2026
- Nscale: Nscale Raises the Largest Series B in European History, at $1.1 billion, 25 Sep 2025
- Nscale: AI hyperscaler Nscale secures $155 million in Series A, 9 Dec 2024