Nscale Secures €670 Million Funding for Norway’s AI Infrastructure Project

Announcing an additional €670 million ($790 million) in funding, London’s AI infrastructure giant Nscale is reinforcing the ongoing development of the AI data center in Narvik, Norway. This project is reportedly the largest AI infrastructure initiative in the country.

The funding for this project was secured from ABN AMRO, DNB, Eksfin, Nordea, and SEB. The committed financing includes an uncommitted accordion feature of €670 million ($790 million) to support a further 115MW expansion at the Narvik AI data center.

Josh Payne, the Founder and CEO of Nscale, stated, “These developments position Nscale at the forefront of global AI infrastructure, providing scalable, high-performance capacity to meet the rapidly growing demand for our services.”

Nscale’s additional financing is part of a significant 2026 European funding influx into AI infrastructure and related enabling layers.

Founded in 2024, Nscale is a global hyperscaler specializing in AI infrastructure. With vertically integrated AI solutions and modular data center design principles across Europe, North America, and other regions, Nscale offers the foundational compute power for enterprise AI training, fine-tuning, and inference at scale.

The recent financing follows Nscale’s collaboration with Microsoft in April 2026, highlighting the scale and strategic value of the Narvik campus for the company.

As part of the agreement, over 30,000 NVIDIA Rubin GPUs will be added to the Narvik campus, enhancing high-performance AI compute capabilities in Norway by 2027. This expansion builds on Nscale’s previous NVIDIA Vera Rubin rollout in support of Microsoft.

In the realm of sector analysis, there is a substantial flow of funding into AI infrastructure and related technologies across various European countries:

• France: Mistral AI secured €722 million in debt financing for its large-scale data center near Paris and OpsMill received €11.9 million for infrastructure data preparation.
• Italy: CamGraPhIC obtained €211 million in state-backed funding for optical interconnect technology.
• Spain: Xoople raised €112.6 million for AI-ready Earth data infrastructure.
• Finland: Verda raised €100 million for AI cloud infrastructure.
• United Kingdom: Encord secured €50 million, SurrealDB received €19 million, and Cocoon Carbon obtained €13 million for various AI infrastructure projects.
• Norway: Lace Lithography raised €34.5 million for next-gen chip production.
• Estonia: Skeleton Technologies announced a €33 million fund for power systems.
• Germany: Interloom raised €14.2 million for AI agent knowledge infrastructure.
• Switzerland: Rapidata secured €7.2 million for human feedback network.
• Netherlands: Lucend raised €2.7 million for data center optimization software.

These 2026 announcements collectively amount to approximately €1.34 billion.

The new financing for Nscale aligns with the broader trend of capital flowing into AI compute capacity and supporting infrastructure layers across Europe. EU-Startups has previously covered Nscale, including its €1.1 billion debt facility in February 2026, along with references to earlier significant financing rounds.