Nscale reportedly seeks $3.5 billion ahead of IPO despite thin revenue

Nscale, a London-based AI infrastructure provider, is reportedly seeking up to $3.5 billion in pre-IPO financing and may pursue a U.S. listing that could raise an additional $3 billion. The company’s reported $103 billion backlog includes a $45 billion, six-year agreement with Anthropic, but Nscale generated only about $33 million in revenue in 2025 and is now running at an annualized rate of roughly $400 million to $500 million. Nvidia is expected to contribute about $2 billion to the financing, with the remainder potentially coming through convertible notes led by Third Point. The stark gap between contracted future revenue and current earnings highlights both the enormous capital demands of AI data centers and the risks investors face when valuing infrastructure companies on promised capacity rather than realized sales.