Nscale
Vertically integrated B2B AI infrastructure: owns/operates power + greenfield data centers + NVIDIA GPU superclusters; monetizes via (1) reserved private cloud (multi-year contracted GPU clusters) and (2) consumption/serverless inference. Heavy capex funded by equity + GPU-backed debt.
Nscale spun out of Arkon Energy in May 2024 and raised a ~$155M Series A in Dec 2024, followed by a ~$1.1B Series B in Oct 2025 and the $2B Series C in Mar 2026 (~$6.29B total raised to date incl. GPU-backed debt). Only the $14.6B Series C mark is firm; the Series B valuation is approximate (post-money not consistently disclosed) and the Series A valuation is not public.
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