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

Nscale secures $790m financing for Narvik AI data centre

Nscale, the vertically integrated AI-infrastructure company, has secured an additional $790m of debt financing to continue building out its AI data centre in Narvik, northern Norway, the company said on Monday. The committed facility was provided by ABN AMRO, DNB, Eksfin (Export Finance Norway) and Nordea, with Skandinaviska Enskilda Banken (SEB) acting as Mandated Lead Arranger alongside the bookrunner banks. ABN AMRO, DNB, and Nordea acted as Bookrunners on the trade. Alongside the committed amount, the facility carries an uncommitted accordion feature of a further $790m, earmarked specifically to fund a 115MW expansion at the Narvik site. Nscale described the Narvik project as the largest AI-infrastructure investment in Norway. The financing builds on a year of rapid funding momentum at Nscale. The company closed a $2bn Series C in March 2026, led by Aker ASA and 8090 Industries, and signed a $1.4bn delayed-draw term loan in February 2026. The Norwegian financing also follows a recently signed agreement with Microsoft covering the Narvik campus. Josh Payne, Nscale's founder and CEO, said in the announcement 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." The Narvik site is part of Nscale's broader European data-centre footprint, which includes a separate flagship build in Portugal at Start Campus's Sines site. In a separate announcement, Nscale committed to supplying 66,000+ Nvidia Rubin GPUs to Microsoft at the Portuguese site, with deployment starting in late 2027. The company also has a 1.35 GW commitment with Microsoft, Nvidia, and Caterpillar at a flagship AI campus in West Virginia under the Monarch name. Nscale describes itself as vertically integrated, with operations spanning energy, data centres, GPU compute and software. The company serves AI-native customers, enterprises, and governments, and emphasises operational efficiency and reliability as core selling points for those buyers. The bank syndicate behind the Norway facility is itself notable. ABN AMRO, DNB, Nordea and SEB are among the largest project-finance banks in the Nordic region; Eksfin's involvement reflects Norwegian state-backed export-finance support for data-centre infrastructure that uses Norwegian power and labour. The Narvik project benefits from the region's cold climate and access to substantial Nordic hydropower capacity. Nscale did not disclose the tenor, pricing or covenant terms of the new financing, nor the targeted operational date for the 115MW Narvik expansion. The company has not commented on whether the accordion feature is expected to be drawn within a specific window.

Nvidia-Backed Startup Nscale Locks in $790 Million for Stargate Norway Project

Nvidia-backed Nscale Global Holdings said it had secured $790 million in financing to build out a data center project in Norway. The U.K.-based company said ABN Amro, DNB Bank, Nordea Bank, Skandinaviska Enskilda Banken and Export Finance Norway would provide the funding through an accordion facility, an arrangement that allows borrowers to request an increase in their credit line from lenders. The startup, backed by Nvidia, Dell Technologies and Nokia, said the money would fund a 115-megawatt expansion at the artificial-intelligence data center just outside Narvik in northern Norway that is expected to include more than 30,000 Nvidia Rubin processing units. Nscale unveiled the Stargate Norway project last year, saying it was partnering with industrial group Aker to set up the facility to provide computing power for ChatGPT maker OpenAI. Both Nscale and Aker had committed around $1 billion for the initial phase of the project. However, the company said in March that it had reached an agreement with Aker that would essentially make Nscale responsible for delivery and governance of the project. The $790 million financing announcement comes two months after Nscale raised $2 billion at a $14.6 billion valuation as investors continue to see promise in AI infrastructure. Nscale builds and operates data centers, and currently has facilities in Europe and the U.S., according to its website. News Corp, owner of Dow Jones Newswires and The Wall Street Journal, has a content-licensing partnership with OpenAI.