Nscale, a British AI infrastructure company founded just two years ago, has said it may go public as early as later this month. Ahead of that expected IPO, the company is reportedly in talks to raise an additional $3.5 billion.

Bloomberg reported Friday that the company is looking to sell $1.5 billion in convertible notes — a type of loan that can later convert into company stock — to a group of investors, while also seeking an additional $2 billion in financing from Nvidia.

Nvidia also participated in the firm’s Series B funding round in March, a $1.1 billion raise led by investment fund Aker. Nscale hailed its round as “the largest Series B in European history.” The company’s Series A round, in December of 2024, raised $155 million.

TechCrunch reached out to Nscale and Nvidia for comment.

AI infrastructure startups have seen immense growth amid the current era of AI enthusiasm, wherein compute has become a competitive currency.

Nscale recently signed a large deal with Anthropic worth approximately $45 billion. Earlier this week, reports emerged that Nscale had been telling potential investors that it has approximately $103 billion in revenue following the deal. That figure isn’t current sales; it’s a projection based on signed customer leases, according to The Information.