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3d ago

Nscale Appoints Fidji Simo to Board as It Prepares U.S. IPO

The appointment strengthens the board’s product expertise in advance of planned pre-IPO fundraising.

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FoxTPNL / Wikimedia Commons (CC BY 4.0)
Fidji Simo, chief executive officer of Instacart Inc., during an interview on "The Circuit with Emily Chang" at the Instacart Inc. headquarters in San Francisco, California, US, on Wednesday, Sept. 11, 2024. After joining Instacart more than three years ago, Simo had to earn buy-in from staff about her vision to reimagine the grocery-delivery company as a provider of e-commerce technology for supermarkets. Photographer: David Paul Morris/Bloomberg via Getty Images
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Overview

  • Nscale announced Friday that Fidji Simo, the former OpenAI CEO of AGI Deployment who still advises OpenAI, has joined its board effective immediately.
  • The company is actively preparing for a U.S. initial public offering as soon as September 2026 and is reported to be seeking up to $3.5 billion in pre-IPO financing with Goldman Sachs and JPMorgan advising.
  • Reporting indicates the pre-IPO package would include roughly $1.5 billion in convertible notes and about $2 billion in strategic investment from Nvidia, a major GPU supplier to Nscale; these figures are reported by press outlets and originate with the company or unnamed sources.
  • Nscale has built a high-profile board this year with executives such as Sheryl Sandberg, Susan Decker and Nick Clegg, a move the company says is meant to add operating depth, financial rigor and product-scale experience ahead of public markets.
  • Founded in 2024 as a crypto-mining infrastructure player that pivoted to AI compute, Nscale bills itself as a vertically integrated AI data-center operator with reported private valuations and contract figures that help explain investor interest but have not been independently audited.