Nscale Secures US$790m in Financing for Norwegian AI Campus

Nscale is ramping up its AI data centre ambitions in Norway after securing an additional $790m in financing for its Narvik campus.

It supports continued development of the Narvik site, which Nscale describes as the largest AI infrastructure investment in Norway.

The agreement is also designed to support a further 115MW expansion of the campus.

The financing package has been committed by ABN AMRO, DNB, Eksfin, Nordea and SEB.

The latest funding follows a series of major financing agreements tied to the company’s AI infrastructure growth plans.

It also builds on a US$2bn Series C funding round in March 2026, led by Aker ASA and 8090 Industries, alongside a US$1.4bn delayed draw term loan agreed in February 2026.

Narvik campus expansion

The Narvik data centre development is positioned as a large-scale AI compute facility aimed at meeting demand for high-performance infrastructure.

Nscale says the latest financing reinforces the scale and strategic importance of the Narvik campus as the company increases available capacity.

Josh Payne, Founder and CEO of Nscale, says: “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 structure also highlights growing lender interest in AI-focused data centre developments across Europe, particularly in projects which are linked to large-scale compute deployments.

Banks back AI infrastructure growth

ABN AMRO Bank N.V., DNB Bank ASA and Nordea Bank Abp, filial i Norge act as bookrunners on the deal.

They also serve alongside Export Finance Norway, known in Norwegian as Eksportfinansiering Norge, and Skandinaviska Enskilda Banken AB as mandated lead arrangers.

The accordion feature attached to the financing gives Nscale the option to increase borrowing capacity if additional expansion plans move forward.

The provision is linked to another 115MW of planned capacity at Narvik.

Data centre operators across Europe continue to pursue larger facilities to support AI workloads, with demand for power and compute infrastructure increasing as organisations deploy more AI applications and cloud-based services.

Narvik’s location in northern Norway also places the project in a region associated with access to renewable energy and cooler climates, factors often linked to reducing operational cooling requirements in large-scale data centres.