Nscale Secures $790M Financing for Microsoft-Backed Norway AI Campus

Nscale said it secured an additional $790 million in financing to support development of its AI data center campus in Narvik, Norway, adding fresh debt capacity behind one of the country’s largest artificial intelligence infrastructure projects.

The financing, committed by ABN AMRO, DNB, Eksfin, Nordea and SEB, also includes a further $790 million accordion feature that could fund an additional 115 megawatts of expansion at the Narvik site, the London-based AI infrastructure company said Monday.

The financing follows Nscale’s April agreement with Microsoft to expand the Narvik campus to 230 megawatts and deploy more than 30,000 Nvidia Rubin GPUs in 2027. Nscale described the project as one of the largest onshore infrastructure developments in Norway and said it will be solely managed by the company following the roll-up of its Aker Nscale joint venture.

The latest debt commitment extends a rapid capital-raising push by Nscale as cloud providers and AI developers race to secure power, data center capacity and next-generation GPUs. The company raised a $2 billion Series C round in March led by Aker ASA and 8090 Industries, after securing a $1.4 billion delayed draw term loan in February.

Nscale has also been expanding its Microsoft-linked deployments beyond Norway. Last week, the company announced an expanded collaboration with Microsoft and Start Campus in Portugal for more than 66,000 Nvidia Rubin GPUs, starting in late 2027, building on an earlier deployment of more than 12,600 Blackwell Ultra GPUs at the Sines data center campus.

The Narvik financing was arranged by ABN AMRO, DNB and Nordea as bookrunners, alongside Export Finance Norway and SEB as mandated lead arrangers.