AI cloud computing firm Nscale has closed a $3.36 billion convertible note financing round led by Third Point, with participation from Nvidia, Apollo-managed funds, Citadel, Hudson Bay Capital, and the Abu Dhabi Investment Council. The initial $2.36 billion tranche has been settled, while Nvidia has committed an additional $1 billion expected to close in mid-November 2026. Nscale reports total contract value (TCV) exceeding $103 billion and will deploy capital to expand AI cloud infrastructure, including behind-the-meter power facilities, liquid-cooled data centers, and large-scale GPU clusters. The notes will automatically convert to common stock upon IPO, with Nvidia’s portion converting into non-voting shares.