Nscale's reported pursuit of about $3.5 billion in pre-IPO financing matters to more than its prospective shareholders. Dell Technologies Inc. (NYSE:DELL) and Nokia Oyj (NYSE:NOK) already have commercial and investment ties to the AI infrastructure company. Better funding could help their customer execute, but it would not automatically become either supplier's revenue. Reuters reported the talks on September 4, citing a person familiar with the matter. That remains a proposed transaction. Nscale's March 9 announcement of a $2 billion Series C, which named Dell and Nokia among its backers, establishes a separate, earlier relationship.
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