UK-based AI cloud Nscale has raised $2bn in its Series C funding round.

The funding round, which the company claims to be the largest of its kind in European history, was led by established partner Aker ASA and 8090 Industries, with participation from Astra Capital Management, Citadel, Dell, Jane Street, Lenovo, Linden Advisors, Nokia, Nvidia, and Point72.

The round saw Nscale garner a valuation of $14.6 billion.

Nscale will use the capital to help “accelerate” its deployment of “vertically integrated AI infrastructure” across Europe, North America, and Asia.

“This is the fourth industrial revolution; the world is changing at a rapid pace. Over the next five years, Artificial Intelligence will be integrated into every industry, every product, and every job. Accelerating drug discovery, extending human life, autonomizing travel and robotics, lifting productivity, and driving massive growth. This is leading to the largest infrastructure buildout in human history,” said Josh Payne, CEO and founder of Nscale. “Nscale is leading this buildout. We are building this foundation that the market sits on, the engine of superintelligence.”

Goldman Sachs & Co. LLC and J.P. Morgan acted as joint placement agents for Nscale in connection with this capital raise which is inclusive of the Pre-Series C SAFE.

In addition to the fundraise, Nscale has added three new members to its Board of Directors: Sheryl Sandberg, co-founder of Sandberg Bernthal Venture Partners; Susan Decker, CEO and co-founder of Raftr; and former UK Deputy Prime Minister Nick Clegg, who is currently general partner at Hiro Capital.

Reports that Nscale was looking to raise around $2bn in its latest round first emerged in January 2026. This builds on previous rounds, including a December 2024 raise of $155m and the September 2025 $1.1bn round from backers including Aker, Nvidia, and Nokia. Just one month later, the neocloud raised a further $433m in pre-Series C SAFE funding.

In February 2026, Nscale signed a $1.4bn delayed draw term loan backed by its GPUs with funds managed by Pimco, Blue Owl, and LuminArx Capital Management.

Aker Nscale rolled into Nscale

Nscale and investor Aker have also reached an agreement that will see the Aker Nscale joint venture fully rolled into Nscale. Aker will remain a leading shareholder, and CEO Øyvind Eriksen will serve on the Nscale board.

According to the companies, this will consolidate “delivery and governance under one entity, while ensuring all existing projects under the joint venture continue and remain fully operational as part of Nscale.” Aker Nscale has several data center projects underway in Norway, including a 96MW data center in Skien, a 250MW data center in Narvik, and a 230MW data center in Kvandal. In November, the company purchased land in Fauske, Norway, from Norwegian holding company Norsk Data.

Eriksen said: “This step strengthens execution by putting delivery and governance under one roof, while keeping continuity for the people and projects already underway. We have full confidence in Nscale’s ability to deliver responsibly in Norway over the long term, and we believe this positions the work for faster progress and durable value creation.”