Nscale刚刚完成了一轮总额为33.6亿美元的Pre-IPO（上市前）可转换债券融资，此次融资由Third Point领投，Nvidia、Apollo、Citadel以及阿布扎比投资委员会（Abu Dhabi Investment Council）等机构也参与了投资。此前有报道称Nscale原本计划筹集高达35亿美元的资金。这家总部位于伦敦的公司上周向纽约证券交易所提交了上市申请，股票代码为NSCL。
Nscale has closed a $3.36B pre-IPO convertible note round led by Third Point, with Nvidia, Apollo, Citadel and the Abu Dhabi Investment Council among the investors, three weeks after it was reported to be seeking up to $3.5B. The London company filed to list on the New York Stock Exchange last week under the ticker NSCL.
据彭博社报道，Nscale通过这次融资筹集到了33.6亿美元的资金，参与投资的机构包括Third Point、Nvidia、Apollo、Citadel、Hudson Bay Capital、阿布扎比投资委员会以及8090 Industries等。Nscale上周正式提交了在纽约证券交易所上市的申请。
Nscale has raised $3.36B in a pre-IPO convertible note round led by Third Point, Bloomberg reported. Nvidia, Apollo, Citadel, Hudson Bay Capital, the Abu Dhabi Investment Council and 8090 Industries took part. The company is based in London and filed last week to list in New York. It asked for more than that.
三周前有消息称Nscale原本计划筹集35亿美元的资金，其中一部分将通过可转换债券的形式筹集，另一部分则来自Nvidia的现金支持。不过最终实际筹集到的资金比原计划少了约1.4亿美元。高盛（Goldman Sachs）担任了此次融资的承销机构。
Three weeks ago it was reported to be seeking $3.5B, split between convertible notes led by Third Point and a larger cheque from Nvidia. What closed is about $140M short of that. Goldman Sachs acted as placement agent. Nvidia’s money arrives later.
Nvidia的资金将在后续到位。此次融资总额包括23.6亿美元的债券，以及Nvidia承诺在11月中旬支付的另外10亿美元。这些可转换债券将在公司完成上市后转换为普通股；对于Nvidia而言，这些债券将转换为无投票权的股票。Nscale的上市过程本身预计还能再筹集最多30亿美元的资金。
The total includes a $2.36B tranche and a separate $1B commitment from Nvidia expected in mid-November. The notes convert into ordinary shares when the listing completes, or into non-voting shares in Nvidia’s case. The listing itself may raise as much as $3B on top of what has just been committed. Nvidia has done this before.
Nvidia此前也有过类似的操作：本月，Nvidia以IPO价格的90%购买了SB Energy的股票（同样以无投票权的形式），这也是在该公司上市之前发生的。目前Nvidia持有大约990亿美元的股份，而这些公司都是Nvidia芯片的买家之一，Nscale就是其中之一。
It bought SB Energy stock at 90% of its IPO price this month, also in non-voting form, also before a listing. It now holds around $99B of shares in companies that buy its chips. Nscale is one of them. The conversion terms name a number.
这些可转换债券的转换条款中规定了具体的转换比例。这些债券的发行价格是IPO价格的某个折扣率（具体折扣率为两位数），并且这个折扣率会根据公司的估值进行调整；当公司的估值达到300亿美元时，转换价格将不再发生变化。虽然有报道称Nscale原本希望筹集35亿美元的资金，但具体是如何调整这个资金缺口（即实际筹集金额与目标金额之间的差额）的，目前还没有相关解释。
The notes are priced at the IPO price minus a double-digit percentage discount, and that discount is adjusted up to a $30B valuation, above which the conversion price does not move. The filing is reported to seek up to $35B. Nobody has explained which way that gap cuts. The accounts are still young.
需要注意的是，这些融资活动的财务数据仍处于初步阶段，相关细节仍在进一步确认中。
Revenue reached $140.6M in the first half of this year, more than thirteen times what it took in the same period last year, against a net loss of $1.02B. The contracted backlog stands at $103.4B, up from $38B at the end of last year. Most of that backlog is revenue not yet earned.
今年上半年，该公司营收达到1.406亿美元，是去年同期的13倍以上，但净亏损高达10.2亿美元。其合同积压订单额为1034亿美元，较去年年底的380亿美元大幅增长。其中大部分积压订单为尚未确认的收入。这是一家英国公司。
Revenue reached $140.6M in the first half of this year, more than thirteen times what it took in the same period last year, against a net loss of $1.02B. The contracted backlog stands at $103.4B, up from $38B at the end of last year. Most of that backlog is revenue not yet earned. The company is British.
该公司于2024年初从一家加密货币挖矿业务中分拆独立，其董事会成员包括谢丽尔·桑德伯格（Sheryl Sandberg）和前英国副首相尼克·克莱格（Nick Clegg）。共有22家银行正在参与此次发行工作，它们均正准备一项不会在伦敦进行的上市计划。
It was spun out of a cryptocurrency mining operation in early 2024, and its board includes Sheryl Sandberg and Nick Clegg, a former British deputy prime minister. Twenty-two banks are working on the offering. All of them are preparing a listing that will not happen in London.