AI compute provider Nscale is looking for $3.5B in pre-IPO financing

Nscale is reportedly in talks to raise $3.5 billion in financing ahead of a planned IPO. The AI compute provider recently signed a $45 billion deal with Anthropic, underscoring rising demand for large-scale AI infrastructure.

The fundraising push highlights how AI compute companies are using strategic customer deals to support massive capital needs before going public. Investor appetite for AI infrastructure remains strong, but these businesses face heavy execution risk due to high upfront costs and intense capacity competition.