en.Wedoany.com Reported - UK-based AI infrastructure company Nscale announced on May 11, 2026, that it has successfully secured a $790 million financing commitment, specifically designated for the expansion of its artificial intelligence data center project in Narvik, northern Norway. The financing was jointly provided by ABN AMRO, DNB, Export Finance Norway (Eksfin), Nordea, and SEB, and includes an equivalent $790 million uncommitted accordion facility to support an additional 115 megawatts of capacity expansion at the Narvik campus.
The Narvik data center is Norway's largest AI infrastructure investment project to date, with a total planned capacity of 230 megawatts and an overall project valuation of approximately $6.2 billion. The campus has previously secured a large-scale compute power lease agreement with Microsoft, with plans to deploy over 30,000 NVIDIA Rubin GPUs by 2027. In April 2026, Nscale expanded its collaboration with Microsoft, adding an additional 30,000 NVIDIA Rubin GPUs, making the Narvik campus one of Norway's largest onshore infrastructure projects. This data center project is considered a key node in the global wave of AI infrastructure investment.
Since its founding in 2024, Nscale has rapidly expanded based on a fully vertically integrated "Energy – Data Center – GPU Compute – Software" model. Founded and led by CEO Josh Payne, the company is headquartered in London, UK, with a core team bringing together talent from fields including supercomputing infrastructure, energy, hardware supply chains, and data center operations. In March 2026, the company completed a $2 billion Series C funding round co-led by Norwegian industrial group Aker ASA and US-based 8090 Industries, reaching a valuation of $14.6 billion. In February 2026, the company secured a $1.4 billion delayed-draw term loan. Prior to the closing of this $790 million financing, the company's capital deployment had already moved the Narvik project into the substantive delivery phase.
This round of funding will support the continued expansion of the Narvik campus. Nscale Founder and CEO Josh Payne stated that the financing and recently signed partnership agreements position Nscale at the forefront of global AI infrastructure development, enabling the provision of scalable, high-performance computing to meet the sharply rising demand for services. The company's strategy focuses on deploying the latest technology at real scale in key geographic locations.
Energy endowment was a key factor in the selection of the Narvik site. Located adjacent to the Arctic Circle, the data center leverages Norway's abundant hydropower resources to achieve fully renewable energy power supply, while the low-temperature climate effectively reduces the natural cooling energy consumption during the operation of large-scale computing equipment. Narvik's local abundance of hydropower, sparse population, ample power transmission capacity, competitive electricity prices, coupled with mature industrial infrastructure, make it an ideal location for deploying large-scale sustainable AI computing power. ABN AMRO, DNB, and Nordea acted as Bookrunners for this financing, joined by Export Finance Norway and SEB as Mandated Lead Arrangers.
As a hyperscale cloud service provider focused on AI infrastructure, Nscale's business scope covers full-stack solutions ranging from GPU computing and networking to data services and orchestration software, serving markets across Europe, North America, and Asia. The company provides large-scale computing infrastructure for enterprise-grade AI training, fine-tuning, and inference, based on vertically integrated AI solutions and modular, first-principles-designed data centers.
This financing comes amid a global boom in AI infrastructure investment. In the first quarter of 2026, $2.42 trillion of the approximately $3 trillion in global venture capital flowed into the artificial intelligence sector, with data centers, as the foundation of AI computing power, continuing to attract massive capital injections. This round of financing for Nscale further solidifies its leading position in the European AI infrastructure sector.
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