The biggest chunk of the financing would be a US$1.8 billion private credit deal led by Goldman Sachs bankers, according to the offering document that was prepared for investors. Nscale has also been trying to raise another US$900 million in preferred equity and convertible shares, the document shows.
Nscale, a startup that is less than a year old, is already trying to raise about US$2.7 billion ($3.55 billion) to build artificial intelligence infrastructure on the back of a pending partnership with ByteDance Ltd, the Chinese owner of TikTok, according to an offering document seen by Bloomberg.
The money, if Nscale follows through with the proposal, would allow the London-based company to build out data centers around the globe - filled with Nvidia Corp chips - that would be rented out by companies such as ByteDance, in order to train and operate their AI models.
