8 months of $3.5 billion funding: How Nscale spun off from a mining company to become a new leader in AI infrastructure

AI Infrastructure Company Nscale’s fundraising speed is truly astonishing. According to the latest news, the company is in talks for a new funding round of approximately $2 billion, working with Goldman Sachs and JPMorgan Chase to advance the deal. This is only a few months after its financing of over $1.5 billion in September-October 2025, meaning that within just 8 months, the total fundraising amount has approached $3.5 billion. This rapid acceleration in fundraising reflects the hotness of the AI computing infrastructure sector.

Rapid Growth Background

From Crypto Mining to AI Infrastructure Company

Nscale’s transformation is quite interesting. The company was spun off in 2024 from a cryptocurrency mining firm, focusing on providing AI computing infrastructure. This pivot captured the core market demand — as generative AI exploded, the demand for high-performance computing surged, and the value of traditional GPU mining gradually shifted to AI computing power. Nscale effectively repositions its existing infrastructure and operational experience, which also explains why investors are so optimistic about it.

Ecosystem of Partnerships with Tech Giants

Nscale’s attractiveness in fundraising also stems from its established network of collaborations. The company previously announced partnerships with NVIDIA and OpenAI, and the latest news shows that Nscale is among the first partners on the Nvidia Rubin platform. This means Nscale not only received endorsement from chip manufacturers but also became a key application partner for next-generation AI chips.

More importantly, Microsoft’s involvement is noteworthy. Microsoft is building a $10 billion data center in Portugal with Nscale and local partners, and plans to lease capacity in Nscale’s data centers in Norway and the UK. This indicates that Nscale has become a critical part of Microsoft’s AI infrastructure deployment.

Market Position Reflection

The acceleration of Nscale’s fundraising reflects several phenomena:

• Growing demand for AI computing power: Tech giants continue to invest heavily in computing infrastructure, and Nscale, as a professional operator, is gaining more favor.
• Intensified fundraising competition: The AI infrastructure sector has attracted substantial capital, leading to faster funding rounds and increased scale.
• Business model validation: Actual collaborations with major clients like Microsoft demonstrate the viability of Nscale’s business model.

Personal Observations

Nscale’s growth trajectory is quite typical — it has caught the wave of the times. Transitioning from a crypto mining firm to an AI infrastructure provider may seem like a forced shift, but in reality, it’s about seizing a larger market opportunity. Rather than just accelerating fundraising, it’s a market reassessment of the value of AI infrastructure operators. Within the ecosystem built by NVIDIA, OpenAI, Microsoft, and other giants, Nscale has found its place.

Summary

The acceleration of Nscale’s fundraising indicates two points: first, AI computing infrastructure has become a new focus of technological competition and has received high recognition from the capital markets; second, infrastructure companies with actual large clients and operational capabilities are the winners in fundraising battles. From spinning off to raising $3.5 billion, Nscale has completed a transformation from the periphery to the core in less than two years. This case also reminds us that in the AI era, controlling computing resources and operational capabilities is becoming a new competitive barrier.