- Nscale secures $790 million in debt financing from ABN AMRO, DNB, Eksfin, Nordea and SEB for Narvik campus
- This financing adds to a $2 billion Series C in March and a $1.4 billion term loan in February, bringing the total capital committed to Narvik to a project valuation of $6.2 billion.
- OpenAI, Microsoft, and 30,000 NVIDIA Rubin GPUs have already committed to the site, making Narvik now Europe’s most important AI infrastructure bet.
Nscale has secured $790 million in debt financing from ABN AMRO, DNB, Eksfin, Nordea and SEB to continue building out its Narvik AI data center in northern Norway.
The package also includes an additional $790 million accordion feature that can be used to fund an additional 115 megawatts of facility expansion. This funding comes shortly after Nscale signed a new contract related to the Narvik campus, underscoring the company’s commitment to further expand the project.
Earlier this year, the company raised $2 billion in a Series C round led by Aker ASA and 8090 Industries. A month earlier, it had also secured a $1.4 billion deferred loan. The entire Narvik project is estimated at $6.2 billion, making it Norway’s largest AI infrastructure investment and one of the largest in Europe.
Founded in 2024 by Josh Payne, Nscale builds infrastructure for training, deploying, and running AI systems. The company’s businesses cover the full stack of energy, data center, GPU computing, and software, serving AI startups, enterprises, and governments.
Nscale’s competitors include CoreWeave, Nebius, Crusoe, Lambda, Together AI, and Vultr, all of which compete to provide the computing power and cloud infrastructure needed to train and run AI models.
“These developments place Nscale at the forefront of global AI infrastructure, providing scalable, high-performance capacity to meet rapidly growing demand for our services,” Payne said.
Nscale’s Narvik campus will reach 230MW in 2027, adding more than 30,000 Nvidia Rubin GPUs for Microsoft. Bloomberg also reported that Microsoft is securing additional capacity for its Arctic site, building on previous multibillion-dollar commitments in the region.
