- Nscale closed $3B in investment-grade debt to fund GPU campuses in Texas and North Carolina
- It’s now raised over $9B in equity and debt since 2024, mostly in the last six months
- The neocloud sector is financing gigawatt-scale buildouts on debt.
Nscale has closed roughly $3 billion in investment-grade debt to bankroll two GPU campuses in the US, the latest instalment in a financing run that has seen it raise more than $9 billion in under a year.
The deal, split across two senior secured delayed-draw term loan facilities, provides up to $1.85 billion for a Ward County, Texas campus and up to $1.2 billion for a Madison County, North Carolina site.
Both facilities carry investment-grade ratings with stable outlooks. J.P. Morgan and Goldman Sachs served as joint lead arrangers, bookrunners, and co-structuring agents on both.
The Texas facility, issued through Nscale Ward County Borrower SPV, funds Nvidia GB300 Blackwell Ultra and VR200 Vera Rubin systems that support roughly 275MW of IT load, in addition to networking, storage, and liquid-cooling infrastructure. The North Carolina facility retrofits a 96-acre colocation site for up to 40MW of capacity.
A financing pace that outstrips revenue
This is Nscale’s sixth financing event in under a year. It closed a $1.1 billion Series B in September 2025, followed by a $433 million SAFE, a $1.4 billion GPU-backed loan in February 2026, a $2 billion Series C at a $14.6 billion valuation in March, $790 million in Norway debt in May, and a $900 million revolving credit facility in July.
That pace matters more than the headline number. Founder Josh Payne, whose LinkedIn shows a background in crypto mining before pivoting Nscale into AI infrastructure, is running the company toward a possible US IPO on the back of a $51 billion contracted-revenue backlog — but that backlog is a company-supplied, forward-looking figure counting multi-year contracts as revenue the day they’re signed.
Nscale’s actual trailing revenue was around $33 million for all of 2025 and roughly $100 million in the second quarter of 2026. The gap between what Nscale is borrowing against and what it currently earns is the story the ratings agencies are underwriting, not just the campuses.
The neocloud race gets bigger
CoreWeave closed an $8.5 billion facility, followed by a $3.1 billion GPU-backed loan this year, and its total debt now sits above $24 billion, with a debt-to-equity ratio over five. Nebius raised $5.75 billion in convertible notes plus $775 million in secured debt in the past six weeks alone.
Crusoe is in talks to triple its valuation to $30 billion, based on contracted power and land rather than revenue. Together AI raised $800 million at an $8.3 billion valuation, and Vultr, which took its first outside money in December 2024 at a $3.5 billion valuation, is reportedly chasing another $1 billion.
None of them are competing for venture capital anymore. They’re competing for bank debt, and lenders are pricing GPUs and long-term contracts as collateral the way they’d price a toll road or a power plant.
The test isn’t whether Nscale can keep raising — it clearly can. It’s whether $51 billion in signed contracts converts into cash fast enough to service the debt before this generation of Nvidia hardware is due for replacement.
