Nscale Secures $790M Debt Financing to Expand Narvik AI Data Centre in Norway

Nscale Locks $790 Million in Debt Financing for Major Expansion

Nscale, the vertically integrated AI infrastructure company backed by Nvidia, Dell Technologies, and Nokia, has secured $790 million in debt financing to accelerate construction of its AI data centre in Narvik, northern Norway 1

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. The committed facility was provided by a consortium of major Nordic banks including ABN AMRO, DNB, Nordea Bank, and Export Finance Norway (Eksfin), with Skandinaviska Enskilda Banken (SEB) acting as Mandated Lead Arranger 1

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. The financing package includes an uncommitted accordion feature—a credit arrangement allowing borrowers to request additional funding—of another $790 million specifically earmarked to fund a 115MW expansion at the Narvik Norway site 2

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Stargate Norway Project Positions Nscale at AI Infrastructure Forefront

The Narvik facility, unveiled as the Stargate Norway project, represents the largest AI-infrastructure investment in Norway and forms a critical component of Nscale's expanding global footprint 1

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. The expansion is expected to house more than 30,000 Nvidia Rubin processing units, providing substantial computing power for AI applications 2

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. Originally announced as a partnership with industrial group Aker to provide computing power for OpenAI, the project has evolved with Nscale taking primary responsibility for delivery and governance following a March 2025 agreement 2

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. Both companies had initially committed around $1 billion for the first phase of the project 2

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Rapid Funding Momentum Reflects Strong Investor Confidence

The Norwegian financing builds on remarkable funding momentum for the Nvidia-backed startup. Nscale closed a $2 billion Series C round in March 2025 at a $14.6 billion valuation, led by Aker ASA and 8090 Industries, and signed a $1.4 billion delayed-draw term loan in February 2025 1

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. This cascade of capital demonstrates sustained investor confidence in AI infrastructure as demand for GPU supply and scalable capacity continues to surge. Josh Payne, Nscale's founder and CEO, stated that the combination of recent financing rounds positions the company "at the forefront of global AI infrastructure, delivering scalable, high-performance capacity to meet rapidly growing demand for our services" 1

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Strategic Location and Microsoft Partnership Drive Competitive Edge

The Narvik project benefits significantly from the region's cold climate and access to substantial hydropower resources, offering both operational efficiency and sustainability advantages for energy-intensive AI workloads 1

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. The Norwegian financing follows a recently signed agreement with Microsoft covering the Narvik campus, though specific terms remain undisclosed 1

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. Beyond Norway, Nscale operates a flagship facility in Portugal at Start Campus's Sines site, where the company has committed to supplying 66,000+ Nvidia Rubin GPUs to Microsoft with deployment starting in late 2027 1

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. The company also maintains a 1.35 GW commitment with Microsoft, Nvidia, and Caterpillar at its Monarch AI campus in West Virginia 1

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. The involvement of Eksfin, Norway's state-backed export-finance agency, reflects government support for data-centre infrastructure utilizing Norwegian power and labor, signaling broader strategic alignment between AI development and national industrial policy 1

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