Nscale, an AI infrastructure company, has secured an additional US$ 790 million in financing for the expansion of its AI data center in Narvik, Norway, marking what the company describes as the country’s largest AI infrastructure investment.
According to a press release, the funding follows a recently signed agreement tied to the Narvik campus, which Nscale claims underlines the scale of the project and its role in the company’s broader infrastructure plans.
Josh Payne, founder and CEO, Nscale, said, “Together, these developments position Nscale at the forefront of global AI infrastructure, delivering scalable, high-performance capacity to meet rapidly growing demand for our services.”
The financing also includes a further US$ 790 million uncommitted accordion feature that could be used to support an additional 115MW expansion at the Narvik site.
In a LinkedIn post, Josh Payne described the Navik facility by stating, “Navik has everything AI infrastructure at scale demands: abundant renewable hydropower, natural cooling, exceptional grid connectivity, and sovereign-backed financing through Eksfin. It’s one of the best places in the world to build this.”
The latest financing adds to a series of major capital raises by Nscale this year. In March 2026, the company closed a US$ 2 billion Series C funding round led by Aker ASA and 8090 Industries. That followed a US$ 1.4 billion delayed draw term loan announced in February.
ABN AMRO Bank N.V., DNB Bank ASA and Nordea Bank Abp, filial i Norge acted as bookrunners for the financing. They were joined by Export Finance Norway (Eksfin) and Skandinaviska Enskilda Banken AB (publ) as mandated lead arrangers.