Nscale announces $155m Series A convertible-note financing
Sandton Capital Partners leads the financing, joined by Kestrel0x1, Blue Sky Capital Managers Ltd and Florence Capital.
The financing was structured as secured subordinated convertible notes carrying an initial 12% annual coupon. Nscale signed the note purchase agreement on November 18, 2024 and announced the round on December 9. The notes later converted into Series B shares in October 2025.
At the time of the announcement, Nscale reported a 1.3-gigawatt pipeline of greenfield data-centre sites across Europe and North America, with 120 megawatts planned for development in 2025. Its model combines the facilities, GPU clusters and cloud software needed to train and run AI models.
The company planned to introduce a public cloud service in the first quarter of 2025, extending access beyond bespoke private infrastructure. Barkers Point Capital Partners advised on the financing. The round followed a $30 million seed investment that Nscale dated to December 2023.
Use of funds
Expand AI infrastructure across Europe and North America.