- Nscale secures $790M in debt financing from ABN AMRO, DNB, Eksfin, Nordea, and SEB for its Narvik campus
- The raise adds to a $2B Series C in March and a $1.4B term loan in February, bringing the total capital deployed at Narvik toward a $6.2B project valuation
- OpenAI, Microsoft and 30,000 NVIDIA Rubin GPUs are already committed to the site, making Narvik the most consequential AI infrastructure bet in Europe right now
Nscale has secured $790 million in debt financing from ABN AMRO, DNB, Eksfin, Nordea, and SEB to continue building out its Narvik AI data centre in northern Norway.
The package also includes an extra $790 million accordion feature that could be used to fund a further 115-megawatt expansion of the facility. The financing comes shortly after Nscale signed a new agreement linked to the Narvik campus, underlining the company’s push to scale the project further.
Earlier this year, the company raised $2 billion in a Series C round led by Aker ASA and 8090 Industries. A month earlier, it also secured a $1.4 billion delayed draw term loan. The overall Narvik project is estimated at $6.2 billion, making it the largest AI infrastructure investment in Norway and one of the largest in Europe.
Founded in 2024 by Josh Payne, Nscale builds infrastructure for training, deploying, and running AI systems. Its business covers the full stack, including energy, data centres, GPU computing and software, serving AI startups, enterprises, and governments.
Nscale rivals include CoreWeave, Nebius, Crusoe, Lambda, Together AI and Vultr, which all compete to provide the computing power and cloud infrastructure needed to train and run AI models.
“Together, these developments position Nscale at the forefront of global AI infrastructure, delivering scalable, high-performance capacity to meet rapidly growing demand for our services,” says Payne.
Nscale’s Narvik campus would reach 230MW and add more than 30,000 Nvidia Rubin GPUs for Microsoft in 2027. Bloomberg also reported that Microsoft was taking additional capacity at the Arctic Circle site, building on an earlier multibillion-dollar commitment there.
