NVIDIA-backed AI company raises $2B at a $14.6B valuation
What's the story
Nscale, an artificial intelligence (AI) group backed by NVIDIA, has been valued at a whopping $14.6 billion after raising $2 billion in its latest funding round. The Series C round was led by Norway's Aker and 8090 Industries, with participation from other major investors like NVIDIA itself, Citadel, Dell Technologies, and Jane Street Capital.
Board appointments
Nscale prepares for IPO
Nscale has announced that former Meta executives Nick Clegg and Sheryl Sandberg, along with ex-Yahoo President Susan Decker, will be joining its board. The move comes as part of the company's preparations for an initial public offering (IPO). For the IPO, Nscale Global has hired Goldman Sachs and JPMorgan as underwriters. However, a timeline for the potential listing is yet to be decided.
Growth strategy
Mission and funding utilization
Founded in 2024, Nscale owns and operates its own data centers, graphic processing units (GPUs), and software stack to deliver large-scale GPU-powered AI compute. The new funding will be used to expand these data center facilities to meet the rising demand for AI computing from customers such as Microsoft and OpenAI.