UK Nscale Raises $790M To Expand AI Data Centre In Norway

The project is currently regarded as the largest AI infrastructure investment in Norway.

The financing package also includes an additional $790 million accordion facility, which could support a further 115MW expansion of the Narvik campus.

The latest funding follows a recently signed customer agreement that further strengthens the strategic importance and scale of the site.

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The announcement adds to a series of major funding milestones for Nscale in 2026, including a $2 billion Series C round led by Aker ASA and 8090 Industries in March, as well as a $1.4 billion delayed draw term loan completed in February.

ABN AMRO Bank N.V., DNB Bank ASA, and Nordea Bank Abp acted as Bookrunners, while they joined Export Finance Norway (Eksfin) and Skandinaviska Enskilda Banken AB (publ) as Mandated Lead Arrangers.

The UK-based AI infrastructure company, which is backed by NVIDIA, is using the financing to accelerate development of the Narvik AI data center in northern Norway. The site had previously been linked to OpenAI’s proposed Stargate Norway initiative.

Josh Payne, Founder and CEO of Nscale said, “Together, these developments position Nscale at the forefront of global AI infrastructure, delivering scalable, high-performance capacity to meet rapidly growing demand for our services.”

About Nscale

Nscale is a vertically integrated AI infrastructure company founded in 2024. It builds and operates full-stack infrastructure spanning energy, data centers, GPU compute, and software to power advanced AI systems from cloud to edge. Nscale supports enterprises, governments, and AI-native companies with scalable, reliable, and efficient AI deployment solutions.