British AI infrastructure provider Nscale has raised $790 million in financing to reinforce the continued development of its AI datacentre in Norway, it announced Monday.
The financing was committed by banking group ABM AMRO as well as Nordic financial institutions DNB, Eksfin, Nordea and SEB. It features an additional accordion feature that would allow Nscale to double the size of its financing to add a further 115 megawatts to the datacentre.
The financing follows an expanded agreement between Nscale and Microsoft, signed in April, to expand its planned 230-megawatt datacentre in Narvik, Norway. Under the agreement, the site will add more than 30,000 Nvidia Vera Rubin GPUs, making the project one of the largest onshore infrastructure projects in the country, according to Nscale.
“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,” said Josh Payne, founder and chief executive of Nscale.
The campus was initially set to be completed by the end of 2026, but this date has been pushed back to allow Nscale to deploy the more powerful Vera Rubin chips. An Nscale spokesperson told National Technology News that this was a “deliberate decision made jointly with Microsoft to deliver the best possible outcome for a long-term customer relationship.”
Nscale has signed a series of high-value deals with tech companies in recent years. However, many of these have been beset by delays and cancellations. The ambitious Stargate UK is currently on hold following OpenAI’s withdrawal from the project.
Another Microsoft partnership, intended to build the UK’s largest datacentre, was pushed back to the second quarter of 2027 after it emerged Nscale had failed to file for planning permission at the site. It did so following inquiries from The Guardian.
Despite these setbacks, Nscale’s financing continues apace. The company raised $2 billion in a series C in March, and signed a GPU-backed $1.4 billion delayed draw term loan in February.
