Led · Equity · Aug 2026

Etched.ai develops rack-scale inference systems and broader frontier inference infrastructure. Since founding, the company has grown to more than 400 employees, hiring over 200 people after its Series B late last year. It has secured more than $1 billion in customer orders and established deep manufacturing and supply-chain partnerships, including opening a factory in Taiwan. Etched is currently validating its first rack-scale inference product with customers. The company’s near-term plans emphasize production, manufacturing scale-up, and deployment of its inference systems, supported by cumulative funding of $800 million.

Participated · Equity · Aug 2026

Firmus Technologies is described as a neocloud that is preparing for an initial public offering and ASX listing later this year. The company’s latest financing effort values its equity at about US$15.5 billion pre-IPO. As part of that process it is issuing preference shares that will convert into ordinary equity at the IPO. Nvidia has committed roughly US$500 million to the preference-share placement. The fundraising is being conducted as a large pre-IPO equity raise of US$2.0 billion (A$2.9 billion). The articles do not provide details on revenue, users or prior funding rounds.

Participated · Series A · Jul 2026

FluidStack operates a two-pronged business: a marketplace that connects users with third-party GPU capacity and a network of owned data centers that serve large-scale contracts. The company reported an estimated ARR of $180.0 million for 2024, up from $25.0 million in 2023 (a 620% year-over-year increase), and counts customers including Meta and Honeywell. FluidStack began as a project in Oxford and later moved its headquarters to New York to be closer to capital and enterprise clients. It has active projects in Iceland, the U.S. (including partnerships with TeraWulf and Cipher Mining), and a planned large-scale facility in France tied to national AI initiatives. The company has pursued both equity rounds (seed in 2019, Series A in 2025, a January 2026 round) and large secured debt arrangements, including up to $10.0 billion from Macquarie collateralized by GPUs. A reported $50.0 billion contract with Anthropic is cited as the key driver for its current fundraising and valuation discussions.

Participated · Series H · May 2026

Anthropic is a premier artificial intelligence safety and research company renowned for developing Claude, a family of highly capable, steerable, and safe large language models. Founded by former OpenAI researchers, Anthropic pioneers techniques like "Constitutional AI" to build systems that are helpful, honest, and harmless. Beyond its core research, the company has rapidly scaled into a dominant market force, experiencing exponential revenue growth driven by widespread enterprise adoption. Anthropic has attracted unprecedented investor attention, recently raising approximately $30 billion at a $380 billion valuation, with ongoing negotiations potentially boosting its valuation to roughly $800 billion. As a leading competitor in the generative AI space, the company is reportedly exploring an IPO later this year.

Participated · Series C · Mar 2026

Nscale builds and operates vertically integrated AI data centers, controlling everything from renewable energy sourcing and facility construction to the compute stack and orchestration layer. Backed by Nvidia, the company is developing ‘Stargate Norway,’ an installation targeting 100,000 Nvidia GPUs by the end of 2026 with OpenAI as an initial customer. In October it also partnered with Microsoft and Dell to deploy roughly 200,000 Nvidia GPUs across four data centers in Europe and the U.S. The firm positions itself as a low-cost, green alternative for AI compute, pledging to reuse waste heat and invest in local skills and infrastructure. Its latest funding round values the company at $14.6 billion, placing it among Europe’s few AI decacorns. Nscale plans to use the new capital to accelerate build-outs in Europe, North America and Asia while expanding its engineering and operations teams. The company has hinted at a possible IPO as early as this year to further bolster its capital base. High-profile board appointments—including Sheryl Sandberg, Susan Decker and Nick Clegg—underscore its growing prominence.