Nscale obtains $790 million in funding for the Narvik AI data center.

      Nscale, the vertically integrated AI-infrastructure firm, announced on Monday that it has obtained an additional $790 million in debt financing to further develop its AI data center in Narvik, located in northern Norway.

      The financing was arranged by ABN AMRO, DNB, Eksfin (Export Finance Norway), and Nordea, with Skandinaviska Enskilda Banken (SEB) serving as the Mandated Lead Arranger alongside the bookrunner banks. ABN AMRO, DNB, and Nordea were involved as Bookrunners for the transaction.

      In addition to the committed amount, the financing includes an uncommitted accordion feature of an additional $790 million specifically intended to fund a 115MW expansion at the Narvik facility. Nscale has indicated that the Narvik project represents the largest investment in AI infrastructure in Norway.

      This financing marks a continuation of Nscale's significant funding activity over the past year. The company finalized a $2 billion Series C round in March 2026, led by Aker ASA and 8090 Industries, and secured a $1.4 billion delayed-draw term loan in February 2026.

      The Norwegian financing also follows a recently established agreement with Microsoft regarding the Narvik campus.

      Josh Payne, founder and CEO of Nscale, stated that the combination of these 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 location is part of Nscale’s wider European data center portfolio, which also includes a flagship project at Start Campus’s Sines site in Portugal. In a separate announcement, Nscale committed to supplying over 66,000 Nvidia Rubin GPUs to Microsoft at the Portuguese location, with deployment expected to commence in late 2027.

      Additionally, the company has a 1.35 GW commitment with Microsoft, Nvidia, and Caterpillar for a flagship AI campus in West Virginia under the name Monarch.

      Nscale positions itself as being vertically integrated, with operations that cover energy, data centers, GPU computing, and software. The company caters to AI-native customers, enterprises, and government entities, highlighting operational efficiency and reliability as key selling points for these clients.

      The banking syndicate for the Norwegian financing is noteworthy, consisting of ABN AMRO, DNB, Nordea, and SEB, which are among the largest project finance institutions in the Nordic region. Eksfin's involvement highlights the support from Norwegian state-backed export finance for data center infrastructure utilizing local power and labor.

      The Narvik project benefits from the region’s cold climate and abundant Nordic hydropower resources.

      Nscale has not disclosed details regarding the tenor, pricing, or covenant terms of the new financing, nor has it announced the operational date targeted for the 115MW expansion in Narvik. The company has also not commented on whether the accordion feature will be drawn within a specific timeframe.