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London-based AI infrastructure startup Nscale is pursuing a roughly $3.5 billion pre-IPO round, with Nvidia and Third Point linked to the financing, as it positions for a US listing while leveraging a massive $103 billion backlog of contracted revenue anchored by a $45 billion deal with Anthropic. However, the company has only recognized about $33 million in 2025 and just over $100 million in Q2 2026, underscoring a gap between contracted revenue and actual revenue and a private valuation around $14.6 billion.