Nscale lands $790M for Narvik AI data centre build
▼ Summary
– Nscale secured an additional $790m in debt financing to expand its AI data centre in Narvik, Norway, from a syndicate including ABN AMRO, DNB, Eksfin, and Nordea.
– The facility includes an uncommitted accordion feature for another $790m, designated to fund a 115MW expansion at the Narvik site, described as Norway’s largest AI-infrastructure investment.
– The financing follows Nscale’s $2bn Series C in March 2026 and a $1.4bn delayed-draw term loan in February 2026, building on rapid funding momentum.
– Nscale committed to supplying 66,000+ Nvidia Rubin GPUs to Microsoft at its Portuguese site, with deployment starting in late 2027.
– The Narvik project benefits from the region’s cold climate and access to substantial Nordic hydropower capacity.
Nscale, a vertically integrated AI infrastructure company, has secured $790 million in new debt financing to advance the construction of its AI data centre in Narvik, northern Norway, the firm announced Monday.
The committed facility was provided by a syndicate including ABN AMRO, DNB, Eksfin (Export Finance Norway), and Nordea, with Skandinaviska Enskilda Banken (SEB) acting as Mandated Lead Arranger alongside the bookrunner banks. ABN AMRO, DNB, and Nordea served as Bookrunners on the transaction.
Beyond the committed amount, the facility includes an uncommitted accordion feature worth an additional $790 million, specifically designated to fund a 115MW expansion at the Narvik site. Nscale characterized the Narvik project as the largest AI-infrastructure investment in Norway.
This latest financing builds on a year of rapid funding momentum for Nscale. The company closed a $2 billion Series C in March 2026, led by Aker ASA and 8090 Industries, and signed a $1.4 billion delayed-draw term loan in February 2026. The Norwegian financing also follows a recently signed agreement with Microsoft covering the Narvik campus.
Josh Payne, Nscale’s founder and CEO, stated in the announcement that the combination of recent financing rounds positions the company “at the forefront of global AI infrastructure, delivering scalable, high-performance capacity to meet rapidly growing demand for our services.”
The Narvik site is part of Nscale’s broader European data-centre footprint, which includes a separate flagship build in Portugal at Start Campus’s Sines site. In a separate announcement, Nscale committed to supplying 66,000+ Nvidia Rubin GPUs to Microsoft at the Portuguese site, with deployment starting in late 2027. The company also has a 1.35 GW commitment with Microsoft, Nvidia, and Caterpillar at a flagship AI campus in West Virginia under the Monarch name.
Nscale describes itself as vertically integrated, with operations spanning energy, data centres, GPU compute, and software. The company serves AI-native customers, enterprises, and governments, emphasizing operational efficiency and reliability as core selling points.
The bank syndicate behind the Norway facility is itself notable. ABN AMRO, DNB, Nordea, and SEB are among the largest project-finance banks in the Nordic region; Eksfin’s involvement reflects Norwegian state-backed export-finance support for data-centre infrastructure that uses Norwegian power and labour. The Narvik project benefits from the region’s cold climate and access to substantial Nordic hydropower capacity.
Nscale did not disclose the tenor, pricing, or covenant terms of the new financing, nor the targeted operational date for the 115MW Narvik expansion. The company has not commented on whether the accordion feature is expected to be drawn within a specific window.
(Source: The Next Web)