Nscale, a UK hyperscaler focused on AI, has signed a £1 billion delayed draw term loan backed by GPUs.
The raise follows the recent announcement of Nscale’s $1.1bn Series B equity raise – the largest Series B ever in European history, and the announcement of Nscale’s $433m pre-Series C round.
The GPU DDTL was led by funds managed by PIMCO, Blue Owl, and LuminArx Capital Management, with support from additional asset managers and banks.
The funding will be used to purchase GPU infrastructure to deliver service under multiple contracts.
Headquartered in London and operating globally, Nscale is an AI-native infrastructure platform, providing vertically integrated compute, networking, storage, managed software and AI services delivered in Nscale-owned and colocated data centres.
The latest raise will finance multiple cluster deployments located in Norway, Portugal, Iceland and the UK.
Nscale’s strategically located data centres harness some of the lowest-cost renewable energy in the world, allowing Nscale to pass these significant savings directly to customers while meeting stringent regulatory requirements.
“We’re seeing massive demand for AI infrastructure to support the needs of businesses and consumers,” said Josh Payne, founder and CEO of Nscale.
“This GPU debt financing is a key step in meeting that demand – backing infrastructure that can be delivered faster and more cost-effectively than industry norms, whether that’s large-scale hubs in Norway to smaller metro clusters built for low-latency workloads.”
The announcement comes following major milestones for Nscale over the last year – including contracts for multiple large scale compute clusters across the globe, along with expanding its leadership team and the acquisition of Future-tech, a European data centre engineering consultancy – in service of continuing to grow its global footprint.