A consortium of five Nordic banks has committed $790 million in new financing to Nscale's AI data centre campus in Narvik, Norway, extending a capital stack that has grown to roughly $4.2 billion since February and cementing what the company describes as the largest AI infrastructure investment in Norway.
The debt package, announced Monday, is provided by ABN AMRO, DNB, Export Finance Norway, Nordea, and SEB, with the first three acting as bookrunners. It also includes an uncommitted accordion feature worth a further $790 million, earmarked to fund an additional 115 megawatts of capacity at the same Narvik campus if drawn.
Narvik's appeal as a data centre location is partly geographical. The site sits above the Arctic Circle, reducing cooling requirements, and draws power from Norway's predominantly hydroelectric grid. Nscale, which operates the full stack from energy and physical infrastructure through to GPU compute and software, positions itself as an alternative to hyperscaler capacity for enterprises and governments with demanding AI workloads.
The bank financing arrives after a $2 billion Series C in March 2026, led by Aker ASA and 8090 Industries, and a $1.4 billion Delayed Draw Term Loan in February. The involvement of mainstream bank lenders — rather than purely private equity or sovereign capital — reflects growing institutional appetite for dedicated AI infrastructure debt at scale.
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.
