Nscale Secures $3 Billion Debt Package for US AI Data Centers
AI-generated image: synthetic visual, not an actual depiction of events, people, or locations.
Nscale has closed two senior secured loan facilities totaling as much as $3.05 billion to finance AI computing infrastructure in Texas and North Carolina.
The privately held AI cloud provider said the delayed-draw term loans comprise up to $1.85 billion for its Ward County, Texas, campus and $1.2 billion for a site in Madison County, North Carolina. Both facilities received investment-grade ratings with stable outlooks, Nscale said on Monday.
Nscale didn’t disclose the loans’ interest rates, maturities, amounts initially drawn or specific credit ratings. Delayed-draw facilities allow borrowers to access committed capital over time, typically as construction and equipment purchases reach agreed milestones.
The Texas financing, issued through Nscale Ward County Borrower SPV LLC, will pay for Nvidia GB300 Blackwell Ultra and VR200 Vera Rubin systems, along with networking, storage and liquid-cooling equipment. Nscale said the deployment is intended to support about 275 megawatts of information-technology load.
The North Carolina facility will fund retrofits, GPUs and networking at a 96-acre colocation site with as much as 40 megawatts of capacity. Nscale separately lists the facility as expected online in 2026, with 99 megawatts of power secured from Duke Energy (NYSE: DUK). The company didn’t identify an anchor customer for that deployment. Nscale describes the North Carolina facility as a partner-operated site.
The financing provides project-level capital for two of Nscale’s US deployments as AI infrastructure providers compete for scarce power supplies and large quantities of advanced chips. It also adds to a series of large debt and equity transactions completed by Nscale during 2026.
The Ward County campus is tied to Nscale’s infrastructure agreement with Microsoft Corp. Nscale said in October 2025 that the Texas site would deploy about 104,000 Nvidia GB300 GPUs for Microsoft, with phased delivery scheduled to begin in the third quarter of 2026. The campus is leased from bitcoin miner and data-center owner Ionic Digital. Nscale’s Microsoft announcement described the initial project as roughly 240 megawatts.
Ionic disclosed that Nscale’s 126-month triple-net lease covers the site’s existing 234 megawatts and is expected to generate about $1.95 billion of contracted revenue through January 2037. Nvidia provided a guarantee of as much as $860.3 million covering rent during the first five lease years, while Nscale’s parent guarantees later payments, according to Ionic’s Securities and Exchange Commission filing.
The site’s larger power target remains partly dependent on expansion. Ionic has agreed to supply Nscale with an additional 89 megawatts if it becomes available, but said the increase requires regulatory approval and carries no penalty if the power cannot be delivered. Ionic is seeking to expand the property to 700 megawatts by the end of 2027.
Nscale raised $2 billion in a Series C round in March that valued the company at $14.6 billion. The round was led by Aker ASA and 8090 Industries and included Nvidia, Dell Technologies Inc., Nokia Oyj and several financial investors. Goldman and JPMorgan were placement agents for that equity financing.
The company also signed a $1.4 billion GPU-backed delayed-draw loan in February for European deployments and closed a $900 million revolving credit facility in July. The succession of financings reflects the large upfront cost of securing chips, power and data-center capacity before customers begin consuming the computing services.
