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Citadel
In PWD coverage since September 25, 2026 · 1 story
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Sep 24, 26Deal closedHudson Bay Capital · Nscale · Nvidia · 8090 Industries · Apollo · Abu Dhabi Investment Council · Third Point · $3.4B — coverage
PWD coverage
digital
Nscale's $3.36 billion raise is a bet on 5 percent energized GPUs
The notes convert to ordinary shares at listing, so the pre-IPO money is a wager on the public price, not on a data center fleet that is 5 percent switched on.