- Nscale has secured a $900 million revolving credit facility backed by global banks, including J.P. Morgan, Goldman Sachs, Morgan Stanley and Bank of America.
- The facility follows Nscale’s $790 million debt raise for its Norway AI campus and its $2 billion Series C.
- The capital will support new AI data centres and cloud infrastructure across the US, Europe and Asia-Pacific as demand for AI compute continues to outstrip supply.
Josh Payne raised $2 billion in equity this year. He didn’t need another round, yet a credit line.
Nscale, the London-headquartered AI cloud platform, closed a $900 million revolving credit facility. That gives it cash on tap to build data centres across the US, Europe and Asia-Pacific without selling more of the company. J.P. Morgan, Goldman Sachs, Morgan Stanley, MUFG, RBC Capital Markets, Bank of America, Crédit Agricole CIB, Deutsche Bank, Mizuho, SMBC, TD Securities, and KeyBank N.A. all signed on.
“The closing of this revolving credit facility with key global investment banks reflects real institutional confidence in our platform, capital structure, and team. We are building the infrastructure that the world’s largest technology companies depend on to train, deploy, and scale AI, and this facility increases our flexibility to do that at speed and at scale,” says Payne.
A third debt deal in five months
This isn’t Nscale’s first trip to the debt markets this year. In February, it signed a $1.4 billion loan backed by its graphics processing units, short for GPU, with Pimco, Blue Owl and LuminArx. In May, it raised $790 million in debt for its Narvik campus in Norway.
Add the $2 billion Series C that valued it at $14.6 billion in March, and Nscale has pulled together more than $6.3 billion, as per PitchBook,
What Nscale actually sells is access to AI compute: GPU clusters for training and fine-tuning models, plus a managed Kubernetes service so customers don’t have to run the plumbing themselves.
The difference between it and a company that just rents out Nvidia chips is that Nscale owns the entire stack, including power. Its Norway data centres run on hydropower, which it built with local energy company Aker.
Why a bank will lend against a data centre but not a pitch deck
That’s not a small club. CoreWeave, now public, has multibillion-dollar contracts locked in with OpenAI and Nvidia. Crusoe is reportedly raising at a $30 billion valuation, backed by its Stargate work. Together AI raised $800 million in April at an $8.3 billion valuation. Nscale’s wager is that owning the power supply is harder to copy than owning GPUs.
It’s also why banks are willing to lend against it rather than just write equity checks. Land, power contracts, and hardware hold resale value even if a tenant walks away — that’s a very different bet than lending against a startup’s growth slide deck. It’s the reason lenders who’d never touch a Series A are now lining up to bank AI infrastructure.
What happens to that collateral if demand for AI compute cools before the debt is repaid? 12 banks think this build-out is permanent, not a temporary shortage. Nscale calls itself the builder of the engine of superintelligence. Whether $900 million more in credit gets it there, or just gets it deeper into leverage, is a question the next year will actually answer.
