Nscale
Nscale builds and operates AI data centers and sells GPU compute, networking and orchestration software for training and running AI models.
The Company
Nscale builds vertically integrated AI infrastructure, from data centers to GPU compute and software, with sites in Norway, the UK, Portugal, Iceland and the United States. Founder and CEO Josh Payne describes the buildout as the largest in history.
In March 2026 Nscale raised a $2 billion Series C at a $14.6 billion valuation, led by Aker and 8090 Industries with Nvidia, Citadel, Jane Street and Point72 participating. In September 2026 it raised $3.36 billion in convertible notes that convert into shares at its IPO, led by Third Point, and reported more than $103 billion in total contracted value.
Why It Matters
Nscale is Europe's largest AI-infrastructure bet and a read-through for the neocloud model popularized by CoreWeave, where specialist providers rent GPUs to AI labs and hyperscalers.
Valuation History
- $14.6B→Mar 2026$2B Series C
What Changed
A $2B Series C, described as the largest in European history, values Nscale at $14.6B.
Nscale raises $3.36B in pre-IPO convertible notes, with Nvidia committing $1B.
THE NEXT COMPANY. A CLEARER PICTURE.
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