Nscale’s Funding Talks Put Dell and Nokia’s AI Supply Relationships to the Test

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.

Servers and networks capture different spending

Dell described its Nscale collaboration in November 2025, identifying PowerEdge XE9712 servers, rack integration and support alongside NVIDIA's GB300 NVL72 platform. The opportunity is practical: an expanding cloud operator needs systems assembled, delivered and maintained.

For Dell Technologies Inc. (NYSE:DELL), the bull case is that sufficient customer funding reduces a barrier between infrastructure plans and fulfilled demand. The risk is that revenue growth absorbs working capital or comes with aggressive pricing. A financing headline supplies no evidence about Dell's margins, payment terms or incremental order value.

Nokia's September 2025 agreement made it a preferred networking partner across data center switching, IP routing and optical networking. Those products move information within and between facilities, giving Nokia exposure to a different part of the same expansion budget.

For Nokia Oyj (NYSE:NOK), successful deployments could deepen its role in AI infrastructure. However, preferred status does not mean exclusivity or establish a fixed share of Nscale's purchases. Dell's own description also includes other networking suppliers. More campuses therefore need not produce proportional Nokia sales.

Both companies' investment relationships add another consideration: suppliers can support a customer's development while also taking investment risk. The disclosed relationships alone cannot establish whether future commercial returns will justify that capital.

Insider Monkey's tracked worksheet sample counted 77 Dell holders in Q2 2026 versus 72 in Q1, and 81 Nokia holders versus 66. The respective samples comprised 1,006 and 1,022 managers. At June 30, Rajiv Jain's GQG Partners held 1,110,030 Dell shares; Arrowstreet Capital held 38,172,814 Nokia shares. These are historical holdings, not reactions to the financing talks.