Nscale has secured a $900 million revolving credit facility as it looks to accelerate the build-out of AI data centres across the US, Europe and APAC.
The new credit facility comes hot on the heels of Nscale raising $2 billion as part of its Series C funding round, and gives the company even more flexibility as it continues to scale its AI infrastructure platform.
Having previously pledged to invest £2 billion into the UK data centre industry, Nscale will need all the funding it can get to scale to the heights it’s proposing. While it’s mostly using partner data centres for its AI platform at the moment, the firm has been busy building its own footprint. That includes facilities in the US, Norway, Portugal, Iceland, and the UK.
Nscale was also seen as a major component of both the Stargate UK and Stargate Norway projects, which were spearheaded by OpenAI. Since the initial announcement, however, both Stargate projects have been cancelled. Instead, Microsoft is set to take the capacity previously earmarked for OpenAI at Nscale’s Norwegian facility.
Microsoft has also been a big backer of Nscale in the UK, where it’s currently developing the UK’s largest AI supercomputer. That will be located at Nscale’s facility in Loughton, which was supposed to be completed by the end of 2026 – although given construction has yet to get into full swing, is unlikely to be completed until 2027 at the earliest.
While this deal between Nscale and various financial institutions continues to show strong appetite in AI infrastructure, the market’s continued volatility also stresses the importance of being flexible, and having the ability to pivot. Had Nscale put all of its eggs in OpenAI’s basket, it may have felt a greater impact – but instead the firm has been able to significantly scale to become one of Europe’s most valuable start-ups.
To that end, this new credit facility provides access to flexible liquidity, rather than funding tied to a single project. That matters in a sector where developers often need to commit large amounts of capital upfront, whether that is for land, grid connections, equipment procurement or construction.
Josh Payne, CEO and Founder of Nscale, commented, “The closing of this revolving credit facility with key global investment banks reflects real institutional confidence in our platform, capital structure, and team. We are building the infrastructure that the world’s largest technology companies depend on to train, deploy, and scale AI, and this facility increases our flexibility to do that at speed and at scale.”
The facility has been syndicated across a group of major financial institutions, including J.P. Morgan, Goldman Sachs, Morgan Stanley, MUFG, RBC Capital Markets, Bank of America, Crédit Agricole CIB, Deutsche Bank, Mizuho, SMBC, TD Securities and KeyBank N.A.
