Nscale, a British AI infrastructure company backed by Nvidia, has achieved a valuation of $14.6 billion, positioning it as one of Europe's newest decacorns, a cohort that also includes Helsing and Mistral AI. This significant valuation underscores the surging global demand for data centers capable of delivering large-scale AI compute capabilities.
The company has strategically focused on vertical integration, encompassing everything from energy sourcing and data center operations to advanced compute and orchestration software. This latest valuation follows a substantial $2 billion Series C funding round, which Nscale has heralded as "the largest in European history." It's important to note that this figure incorporates a $433 million pre-Series C SAFE (Simple Agreement for Future Equity) secured in October, with backing from prominent investors such as Blue Owl, Dell, Nvidia, and Nokia.
The Series C raise was facilitated by leading financial institutions Goldman Sachs and JPMorgan, whose involvement has sparked speculation about Nscale's potential preparations for an initial public offering (IPO). This interpretation is supported by comments from Nscale CEO Josh Payne, who informed the New York Times that the company might pursue a public listing "as early as this year" to secure additional capital for its ambitious expansion plans.
In conjunction with its funding announcements and future strategies, Nscale also revealed significant additions to its board of directors. These esteemed new members include former Meta COO Sheryl Sandberg, former Yahoo president Susan Decker, and former UK deputy prime minister Nick Clegg, bringing a wealth of experience and expertise to the company's leadership.
Nscale has a track record of securing substantial investment rounds and making impactful announcements. In September, the company closed a $1.1 billion Series B round, led by Aker, a public Norwegian company with extensive interests in the energy sector. Aker is also a co-lead for the current Series C, alongside New York-based investment firm 8090 Industries, demonstrating continued confidence in Nscale's vision.
Further strengthening their partnership, Nscale and Aker have agreed that their joint venture, known as "Stargate Norway," will now be fully managed by the startup. This ambitious Norway-based AI infrastructure project aims to operate on 100,000 Nvidia GPUs by the close of 2026, with OpenAI already confirmed as an initial key customer.
Øyvind Eriksen, president and CEO of Aker and a member of Nscale’s board, commented on this organizational shift, stating, "this step strengthens execution by putting delivery and governance under one roof, while keeping continuity for the people and projects already underway."
Last October, Nscale also forged an expanded agreement with Microsoft. This collaboration, undertaken in partnership with Dell, is designed to deploy approximately 200,000 Nvidia GPUs across three data centers in Europe and one in the United States, significantly enhancing its global infrastructure footprint.
The recent Series C funding round saw participation from a diverse group of investors, including Dell and Nvidia, alongside Astra Capital, Citadel, Jane Street, Lenovo, Linden Advisors, Nokia, and Point72. Nscale anticipates that this new capital injection will accelerate the development of its AI infrastructure across Europe, North America, and Asia, while simultaneously facilitating the expansion of its engineering and operations teams and strengthening its core platform.
Beyond equity investments, Nscale also secured debt financing last month, comprising a $1.4 billion delayed draw term loan collateralized by GPUs. This loan is earmarked to finance several of its clusters across Europe. The company is committed to leveraging rising enterprise demand and access to low-cost renewable energy, while reaffirming its dedication to sustainable practices such as reusing waste heat, fostering local skills development, and investing in regional infrastructure as integral components of the Stargate Norway initiative.
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