Nscale lands $3B in debt to build out two US AI campuses
What's the deal? UK hyperscaler Nscale has closed roughly $3 billion in debt financing across two senior secured delayed draw term loan facilities, backing its Ward County, Texas and Madison County, North Carolina campuses. J.P. MorganDealroom has a profile for this one. Try Dealroom → and Goldman SachsDealroom has a profile for this one. Try Dealroom → led as joint lead arrangers, bookrunners, and co-structuring agents. Both facilities earned investment-grade ratings with stable outlooks.
Where the money goes: Ward County draws up to $1.85 billion to deploy NVIDIA GB300 (Blackwell Ultra) and VR200 (Vera Rubin) systems supporting roughly 275MW of IT load. Madison County's up to $1.2 billion facility funds a 96-acre colocation site with up to 40MW of capacity, covering retrofit capital, GPU infrastructure, and networking.
What's the endgame? Nscale calls itself a full-stack AI cloud platform that combines software, compute, and power in one vertically integrated offering. Its stated mission is to "build the engine of superintelligence" and widen access to advanced AI for enterprises and governments.
Why now? The build-out targets high-density, next-generation compute, using closed-loop direct liquid cooling and rear-door heat exchangers to run advanced AI systems at scale. Both campuses are purpose-built for the power and cooling demands that current GPU deployments require.
The signal: This ranks among the largest debt rounds tracked in enterprise software across the UK over the trailing 48 months — top percentile of 69 comparable deals. It also reflects how AI infrastructure players are increasingly turning to investment-grade debt, rather than equity, to finance capital-heavy data centre expansion.
Read more: finanznachrichten.de
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