The closed slice and the dated Nvidia share
On 25 September Nscale announced 3.36 billion dollars of convertible notes led by the hedge fund Third Point. Of that sum, 2.36 billion dollars is in the company's hands. The remaining 1 billion dollars belongs to Nvidia and is tied to mid-November.[1]
The notes can convert into shares once the offering is complete. If the Nvidia share is still unfunded in mid-November, one slice of the announced 3.36 billion dollars stays open. The check is whether that share has moved.[1]
Contracts in a filing, campuses without power
Nscale split from the crypto miner Arkon Energy 2 years ago. The IPO filing counts more than 103 billion dollars of contracts. The firm is developing campuses in Norway and West Virginia.[1]
The contract total and the November Nvidia slice are too little to count as capacity with power at a campus. Put on one denominator, the only measured rung in hand is the 2.36 billion dollars available now. The 103 billion dollars in the filing does not show megawatts turning on site.[1]