The London-based vendor has secured another multi-million-dollar financing round for the ongoing development of its AI data center in Narvik, Norway.
The financing was committed by Dutch bank ABN Amro, Norwegian bank DNB, Norwegian credit agency Eksfin, and Nordic financial services groups Nordea and SEB.
Nscale also said it has an agreement in place to provide another $790 million in accordion financing for a further 115-megawatt expansion at the center, on top of the 230 megawatts originally planned.
This would essentially mean further financing without the need to renegotiate terms, subject to the lenders’ agreement.
The Narvik project, situated in the north of Norway within the Arctic Circle, is the country’s largest AI infrastructure investment and was originally earmarked for OpenAI’s Stargate initiative.
But instead, in April, the U.K. vendor forged an expanded deal with Microsoft for an additional 30,000 Nvidia Rubin GPUs at the site. This complemented an existing arrangement, from 2025, for the tech giant to use 52,000 Nvidia GB300 GPUs at the plant.
Even in an AI infrastructure landscape where company valuations have soared to dazzling levels, Nscale’s rise to prominence has been remarkable.
The GPU-as-a-service vendor was only incorporated in the U.K. in 2024, having been spun out of an Australian bitcoin mining firm, but in March this year completed a Series C funding round of $2 billion at a valuation of $14.6 billion.
Alongside Narvik, Nscale is developing data centers at a number of sites worldwide, including Texas, Essex, the U.K., Portugal and Iceland.
