Nscale banked €670 million in growth financing to accelerate the development of its AI data centre in Narvik, Norway. The capital commitment comes from a banking syndicate including ABN AMRO, DNB, Eksfin, Nordea, and SEB. The agreement also includes an uncommitted accordion feature of an additional €670 million to fund future expansions at the site.
The London-headquartered company operates as an AI infrastructure hyperscaler, providing the physical and cloud layers necessary for intensive compute workloads. Its primary project in Narvik is currently the largest AI infrastructure development in Norway, designed to provide high-performance capacity as European demand for sovereign AI sovereign power increases. Nscale manages the full stack, from sustainable power sourcing to GPU deployment.
Founder and CEO Josh Payne indicated that the new capital positions the firm to deliver scalable capacity at a time when the continent is racing to build out its own hardware capabilities. The Narvik facility is expected to add 115MW of expansion capacity through the planned development phases supported by this debt and equity mix.
The deal reflects a significant 2026 trend of massive capital inflows into European physical AI layers, following similar large-scale infrastructure raises in France, Italy, and Finland. As private and state-backed entities prioritise domestic data processing, the scale of infrastructure financing in the region continues to match the capital intensity of the global hardware race.
Originally reported by EU-Startups Daily.