Stargate · OpenAI · United Arab Emirates · Datacenter Dynamics
Nscale locks in $790m in financing for Norway data center project
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Nscale has secured $790 million in financing for the development of its AI data center in Narvik, Norway.
Key facts
- It follows a $2bn Series C funding round by Nscale in March 2026, and a $1.4 billion Delayed Draw Term Loan in February
- The funding has been provided by ABN AMRO, DNB, Eksfin, Nordea, and SEB, and includes an additional $790m uncommitted accordion feature to fund a further 115MW expansion at the Narvik AI data center
- Nscale has secured $790 million in financing for the development of its AI data center in Narvik, Norway
- ABN AMRO Bank N.V., DNB Bank ASA, Nordea Bank Abp, and filial i Norge, acted as Bookrunners on the latest funding, together with Export Finance Norway (nw
Summary
The data center in Kvandal, outside Narvik, northern Norway, is planned to have 230MW of capacity and was previously slated to be home to OpenAI for the AI company's "Stargate" Norway location. The funding has been provided by ABN AMRO, DNB, Eksfin, Nordea, and SEB, and includes an additional $790m uncommitted accordion feature to fund a further 115MW expansion at the Narvik AI data center. It follows a $2bn Series C funding round by Nscale in March 2026, and a $1.4 billion Delayed Draw Term Loan in February. Josh Payne, founder and CEO of 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.”