Pranav Hotkar
London, United Kingdom - May 11, 2026 - AI infrastructure provider Nscale has secured an additional USD 790 million in financing to accelerate development of its large-scale AI data center campus in Narvik, Norway, reinforcing one of Europe’s most significant AI infrastructure projects.
The financing package, backed by ABN AMRO, DNB, Eksfin, Nordea, and SEB, will support continued buildout of the Narvik facility, which Nscale describes as the largest AI infrastructure investment in Norway. The agreement also includes an additional USD 790 million uncommitted accordion feature that could fund a further 115MW expansion at the campus.
The latest funding follows a series of major capital raises by the London-based company, including a USD 2 billion Series C round completed in March 2026 and a USD 1.4 billion delayed draw term loan announced earlier this year. Together, the financings highlight the growing investor appetite for AI-focused digital infrastructure as demand for high-density compute capacity continues to surge globally.
Nscale’s Narvik campus has rapidly emerged as a strategic AI infrastructure hub in Northern Europe. Earlier this year, the company expanded its agreement with Microsoft to deploy more than 30,000 NVIDIA Rubin GPUs at the 230MW facility, positioning the site among the largest AI compute deployments in the Nordic region.
The project was previously linked to OpenAI’s planned Stargate Norway initiative before Microsoft assumed the capacity following changes to OpenAI’s infrastructure strategy.
Josh Payne, Founder and CEO of Nscale, said the financing strengthens the company’s ability to deliver scalable AI compute infrastructure amid rapidly growing customer demand. He added that the latest developments position Nscale “at the forefront of global AI infrastructure.”
The Narvik campus forms part of Nscale’s broader strategy to build vertically integrated AI infrastructure platforms spanning GPU compute, networking, cloud services, and hyperscale data center operations. The company has been aggressively expanding across Europe, North America, and Asia as enterprises and governments race to secure sovereign AI capacity.
Norway has become increasingly attractive for hyperscale AI infrastructure due to abundant renewable energy resources, cooler climates favorable for data center operations, and strong grid connectivity. The Nordic region is also seeing rising geopolitical importance within AI supply chains, with Norway recently joining the US-led “Pax Silica” initiative focused on securing critical AI infrastructure and semiconductor ecosystems.
Industry analysts view access to power-rich sites and large-scale financing as becoming critical competitive advantages in the AI data center sector, where GPU deployments and liquid-cooled infrastructure require significantly higher capital investment than traditional cloud facilities.
Nscale said the Narvik expansion will help meet accelerating global demand for AI training and inference workloads while strengthening Europe’s position within the rapidly evolving AI infrastructure market.
