Nscale has secured $790 million in financing for the development of its AI data center in Narvik, Norway.

The data center in Kvandal, outside Narvik, northern Norway, is planned to have 230MW of capacity and was previously slated to be home to OpenAI for the AI company’s “Stargate” Norway location. Microsoft has instead signed on to take up that capacity, including 30,000 Nvidia Rubin GPUs.

The funding has been provided by ABN AMRO, DNB, Eksfin, Nordea, and SEB, and includes an additional $790m uncommitted accordion feature to fund a further 115MW expansion at the Narvik AI data center.

It follows a $2bn Series C funding round by Nscale in March 2026, and a $1.4 billion Delayed Draw Term Loan in February.

Josh Payne, founder and CEO of Nscale, said: “Together, these developments position Nscale at the forefront of global AI infrastructure, delivering scalable, high-performance capacity to meet rapidly growing demand for our services.”

Nscale is also working on a 250MW data center in Korgen, near Narvik, Norway. Under its joint venture with Aker, the company has also purchased land in multiple locations in Norway, including in Fauske and Skien. Nscale has an existing and operational Norwegian site in Glomfjord.

ABN AMRO Bank N.V., DNB Bank ASA, Nordea Bank Abp, and filial i Norge, acted as Bookrunners on the latest funding, together with Export Finance Norway (nw. Eksportfinansiering Norge) and Skandinaviska Enskilda Banken AB (publ) as Mandated Lead Arrangers.