Nscale has secured $433m in a pre-Series C SAFE (Simple Agreement for Future Equity) funding round.

It follows Nscale’s Series B round that brought in $1.1 billion earlier this month.

Investors in this latest funding round include Blue Owl Managed Funds, Dell, Nvidia, Nokia, all of which participated in the firm’s Series B, as well as new investors.

“We’re overwhelmed by the interest we’ve received. It’s incredible to see the passion and confidence we have in Nscale is matched by key investors,” said Josh Payne, CEO and founder of Nscale. “This commitment to participating in our pre-Series C SAFE, just days after the close of our Series B funding, represents a powerful endorsement of our vision to deliver sovereign, scalable infrastructure for the AI era.”

Nscale was only founded in 2024, when Payne and his co-founders pivoted away from providing cryptomining infrastructure and moved into AI, acquiring a data center in Glomfjord, Norway, from their previous venture, Akkon Energy. At present, the site, which is powered by hydroelectric energy and uses natural cooling, remains the firm’s only data center.

The company has hit the headlines in recent months thanks to digital infrastructure deals with the likes of OpenAI and Microsoft. Prior to its Series B announcement, it had been reported that it was looking to raise $2.7bn.

In January 2025, Nscale announced it was planning to invest £2.5bn ($3bn) in the UK, building its first data center on land it has purchased in Loughton, Essex, which would house a Microsoft supercomputer.

Outside of the UK, Nscale is working with OpenAI on Stargate Norway, which will lease capacity at a data center in Kvandal, outside Narvik, northern Norway.