Nscale said it raised $3.36 billion in a convertible funding round, led by Third Point and supported by new and existing investors including Nvidia.

The full-stack artificial-intelligence cloud platform said the financing consists of an initial $2.36 billion tranche at closing, as well as an additional $1 billion commitment from Nvidia with funding expected in mid-November.

The loan notes will be convertible into ordinary shares, or nonvoting shares in the case of Nvidia, automatically upon completion of Nscale's initial public offering, the company said.

In addition to Third Point and Nvidia, other investors that participated in the financing round include funds managed by Apollo, Citadel, Hudson Bay Capital, Abu Dhabi Investment Council and 8090 Industries.

Nscale--which serves hyperscalers, frontier model labs, AI natives, and enterprises building and scaling AI--said the financing will further accelerate the expansion of its vertically integrated AI cloud platform, supporting increasing demand for AI cloud services.

"This marks a milestone for Nscale as we continue scaling our full-stack AI infrastructure to meet unprecedented global demand," Chief Executive Josh Payne said. "With the backing of these world-class investors, we are strongly positioned to accelerate our data center buildouts globally."