Nscale raises $3.36B ahead of a planned Nasdaq IPO
Third Point led the round with Nvidia, Apollo, Citadel, and ADIC participating: $2.36B upfront plus $1B from Nvidia by mid-November, in notes that convert at the IPO. Nscale reported $140.6M in first-half revenue and a $1.02B loss, with 55 MW active across five sites and $103B in contracted value.
Why it matters
Capital is still flowing to neoclouds, but the gap between contracted value and energized capacity is the risk to watch.
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