Nscale, a British AI infrastructure company just two years old, is set to go public as early as this month, aiming to raise an additional $3.5 billion in pre-IPO financing. The company is reportedly in talks to sell $1.5 billion in convertible notes and seeking an additional $2 billion from Nvidia. TechCrunch reached out to Nscale and Nvidia for comment.

A recent deal with Anthropic worth $45 billion has Nscale projecting approximately $103 billion in revenue, based on signed customer leases. This figure, while impressive, is not current sales but a future projection. AI infrastructure startups have seen significant growth during this era of AI enthusiasm, where compute power is seen as a competitive advantage.

Nvidia’s participation in Nscale’s Series B funding round earlier this year, a $1.1 billion raise led by Aker, highlights the importance of Nvidia in the AI compute landscape. Nscale’s Series A round, in December 2024, raised $155 million, indicating rapid expansion.

With Nscale’s growth trajectory and potential IPO, the tech world watches closely to see how this young company will scale and what it can achieve in the competitive world of AI infrastructure.