Nscale, a British company that provides infrastructure for artificial intelligence systems, is considering going public as early as later this month. The company, which was founded just two years ago, is in advanced discussions about raising an additional $3.5 billion ahead of a potential initial public offering (IPO). According to Bloomberg, Nscale is planning to sell $1.5 billion in convertible notes to a group of investors. These notes can be converted into shares of the company at a later date, often at a predetermined price. Nvidia, a leading manufacturer of graphics processing units (GPUs) used extensively in AI computing, is also reportedly considering providing an additional $2 billion in financing. Nvidia previously participated in Nscale’s Series B funding round in March, which raised $1.1 billion and was led by the investment firm Aker. Nscale has described that round as "the largest Series B in European history." Earlier, in December 2024, the company raised $155 million in its Series A round. AI infrastructure startups like Nscale have seen rapid growth in recent years, fueled by the global surge in interest in artificial intelligence. As AI systems become more complex, the demand for powerful computing resources has increased, making "compute" — the ability to process data quickly — a key competitive advantage. Nscale recently signed a major deal with Anthropic, a prominent AI research company, valued at around $45 billion. Earlier this week, reports surfaced that Nscale had told potential investors that it projects approximately $103 billion in revenue following the deal with Anthropic. However, this figure is not based on current sales but rather on signed customer leases, according to The Information. This means the company has contracts in place that will generate revenue in the future, but the money has not yet been received. TechCrunch has reached out to both Nscale and Nvidia for official comments.