Nscale Raises Record $1.1B Series B to Build Global AI Data Centers

Nscale has raised $1.1 billion in Series B funding, the largest such round in European history, to accelerate its global AI infrastructure rollout. The round was led by Norway’s Aker ASA, with participation from major institutional and strategic backers including Dell, Fidelity, Blue Owl, G Squared, Nokia, NVIDIA, Point72, T.Capital, and Sandton Capital. The oversubscribed financing will support Nscale’s expansion across Europe, North America, and the Middle East.

Headquartered in the UK, Nscale positions itself as an AI-native hyperscaler offering vertically integrated compute, networking, storage, managed software, and AI services. The company is building out large-scale “AI factory” data centres optimized for GPU demand, with sites ranging from mega-hubs in Norway to metro-scale clusters for latency-sensitive workloads. These data centres leverage low-cost renewable energy, enabling Nscale to meet both economic and regulatory requirements while ensuring energy efficiency.

The funding round follows a series of major partnerships announced this year. In the UK, Nscale, Microsoft, OpenAI, and NVIDIA are collaborating on Stargate UK, including a sovereign AI supercomputing campus in Loughton. In Norway, Nscale partnered with Aker ASA and OpenAI to launch Stargate Norway, aiming to deploy 100,000 NVIDIA GPUs by 2026. A separate multi-billion-dollar agreement with Microsoft in Narvik, Norway, further deepens this commitment. Nscale also plans to expand its collaboration with Dell to support sovereign AI projects in Europe.

• $1.1 billion Series B marks the largest in European history

• Investors include Aker ASA, Dell, Nokia, NVIDIA, Fidelity, and Point72

• Expansion to Europe, North America, and the Middle East

• Projects include Stargate UK and Stargate Norway, targeting massive GPU deployment

• Nscale data centres optimized for renewable energy and regulatory compliance

“We are building the AI-native Infrastructure platform of tomorrow,” said Josh Payne, CEO of Nscale. “AI is reshaping industries, economies, and national strategies – but it cannot happen without the physical backbone: the data centres, the GPUs and the software to orchestrate them.”

🌐 Analysis

This funding underscores the accelerating demand for sovereign AI infrastructure and positions Nscale as a European counterweight to U.S. hyperscalers like CoreWeave. With partnerships involving Microsoft, OpenAI, NVIDIA, and Dell, Nscale has established credibility as a vertically integrated player capable of executing at scale. Its emphasis on renewable-powered facilities also aligns with European sustainability priorities. The size of the raise signals that sovereign and energy-efficient AI infrastructure is becoming a national priority across multiple regions.

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