Nscale Secures $2 Billion, Leading AI Infrastructure Buildout

U.K.-based AI infrastructure hyperscaler Nscale has announced $2 billion in Series C funding, valuing the company at $14.6 billion. The raise, led by Aker ASA and 8090 Industries, positions Nscale as a key player in the rapidly expanding AI infrastructure market.

The Largest Series C in European History

Nscale’s Series C funding round is being touted as the largest ever completed in Europe . The funding will accelerate the company’s global development of vertically integrated AI infrastructure – encompassing GPU compute, networking, data services and orchestration software – across Europe, North America, and Asia. Additional investors in the round include Astra Capital Management, Citadel, Dell, Jane Street, Lenovo, Linden Advisors, Nokia, NVIDIA, and Point72.

Addressing the AI Compute Bottleneck

Nscale’s core proposition centers on addressing a critical bottleneck in the AI economy: the availability of reliable and scalable compute capacity. The company argues that demand for AI is not the limiting factor, but rather the ability to deploy and maintain the necessary infrastructure. Nscale’s data centers are specifically designed for GPU-dense workloads, diverging from traditional cloud computing facilities.

Rapid Growth and Strategic Partnerships

Since securing a $1.1 billion Series B in September 2025, Nscale has demonstrated rapid progress. This includes a $1.4 billion delayed-draw term loan backed by GPUs and a significant contract with Microsoft, including plans for a facility in Texas with 104,000 NVIDIA GB300 GPUs.

Nscale’s data center footprint currently spans Norway, the UK, Portugal, Iceland, and the US, with a strong presence in Norway through the Glomfjord and Narvik sites. The Stargate Norway project, a joint venture with Aker and OpenAI, aims to deploy 100,000 NVIDIA GPUs by the end of 2026.

Structural Changes and Board Appointments

The Aker–Nscale joint venture will be fully integrated into Nscale, streamlining delivery and governance even as maintaining existing projects and personnel.

Nscale has also announced three recent appointments to its Board of Directors: Sheryl Sandberg, former Meta COO; Susan Decker, former president of Yahoo; and Nick Clegg, former UK Deputy Prime Minister and Meta President of Global Affairs. These additions bring significant operational, financial, and regulatory expertise to the company.

Looking Ahead: IPO Potential

Nscale CEO Josh Payne has indicated the company may explore an initial public offering (IPO) as early as 2026 to generate further capital. The success of such a listing will depend on continued growth in the AI compute market and Nscale’s ability to demonstrate its operational capabilities.