Nscale secures $3.36bn pre-IPO funding as founder Josh Payne pivots from mining to AI infrastructure
Nscale has raised $3.36 billion in convertible debt to fund its expansion into AI cloud infrastructure, led by Third Point and supported by Nvidia. The company, founded by Australian entrepreneur Josh Payne, is preparing for a potential $35 billion initial public offering. Payne, who previously worked in coal mining and construction, has attracted high-profile backers including Sheryl Sandberg and Nick Clegg. Nscale has secured major contracts with Microsoft and Anthropic, though it faces challenges regarding internal financial controls and customer concentration.
