Nscale Raises $3.36B With Nvidia Backing, Eyes $35B Valuation; ByteDance Is Its Mystery Top Client
智东西 · wechat · 2026-10-14
AI infrastructure startup Nscale closed $3.36B in convertible notes (including $1B from Nvidia), filed for a NYSE IPO, and is expected to reach a $35B valuation — up from $14.6B less than a month earlier. Its total contracted value has hit $103B, anchored by a up-to-$45B GPU deal with Anthropic at its 460MW West Virginia campus. SEC filings show 73% of its 2025 revenue came from Spring (SG) Pte Ltd — an FT-reported ByteDance subsidiary. The company spun out of a bitcoin miner in May 2024; founder Josh Payne was a high-school dropout and former coal miner. H1 2026 revenue grew 1252% YoY to $140M, but net losses widened to $1.02B.
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