Nvidia-Backed Startup Nscale Locks in $790 Million for Stargate Norway Project

By Mauro Orru

Nvidia-backed Nscale Global Holdings said it had secured $790 million in financing to build out a data center project in Norway.

The U.K.-based company said ABN Amro, DNB Bank, Nordea Bank, Skandinaviska Enskilda Banken and Export Finance Norway would provide the funding through an accordion facility, an arrangement that allows borrowers to request an increase in their credit line from lenders.

The startup, backed by Nvidia, Dell Technologies and Nokia, said the money would fund a 115-megawatt expansion at the artificial-intelligence data center just outside Narvik in northern Norway that is expected to include more than 30,000 Nvidia Rubin processing units.

Nscale unveiled the Stargate Norway project last year, saying it was partnering with industrial group Aker to set up the facility to provide computing power for ChatGPT maker OpenAI. Both Nscale and Aker had committed around $1 billion for the initial phase of the project. However, the company said in March that it had reached an agreement with Aker that would essentially make Nscale responsible for delivery and governance of the project.

The $790 million financing announcement comes two months after Nscale raised $2 billion at a $14.6 billion valuation as investors continue to see promise in AI infrastructure. Nscale builds and operates data centers, and currently has facilities in Europe and the U.S., according to its website.

News Corp, owner of Dow Jones Newswires and The Wall Street Journal, has a content-licensing partnership with OpenAI.

Write to Mauro Orru at mauro.orru@wsj.com

(END) Dow Jones Newswires

May 11, 2026 12:13 ET (16:13 GMT)