Nscale is in talks to raise about $3.5 billion in pre-IPO financing and has said it could go public as early as later this month. The British AI infrastructure company is considering a $1.5 billion convertible-note sale to investors and a further $2 billion financing from Nvidia, which previously participated in its March funding. Goldman Sachs is working on the fundraising, while Third Point is set to lead the convertible-note investment, according to an earlier report. Nscale's proposed notes would carry a double-digit discount to its IPO price, adjusted up to a $30 billion valuation cap. The company has a six-year, $45 billion agreement to supply AI computing capacity to Anthropic and has told prospective investors it has about $103 billion in projected revenue based on signed customer leases, rather than current sales. Reports have described Nscale's March fundraising differently, with one account citing a $2 billion Series C at a $14.6 billion valuation and a newer account citing a $1.1 billion Series B led by Aker.