Few AI cloud operators move capital like Nscale. The British company has lined up roughly $3B of investment-grade debt to fund two US GPU campuses, the latest chapter in a financing spree that now tops $9B in under a year.
The deal is split across two senior secured delayed-draw term loan facilities: up to $1.85B for a Ward County, Texas campus and up to $1.2B for a Madison County, North Carolina site. J.P. Morgan and Goldman Sachs served as joint lead arrangers and bookrunners on both.
The bigger tranche underwrites Nvidia GB300 and VR200 systems at the Ward County site, which will draw about 275 MW of IT load along with networking, storage and liquid cooling. The rest funds a 96-acre North Carolina colocation retrofit with up to 40 MW of capacity.
This is Nscale’s sixth financing event in under a year, following a $1.1B Series B, a $433M SAFE, a $1.4B GPU-backed loan, a $2B Series C at a $14.6B valuation, and a $900M revolving credit facility. Founder Josh Payne, a former crypto miner, is steering the company toward a possible US IPO backed by a $51B contracted-revenue backlog.
The gap between that backlog and current earnings is what the rating agencies are underwriting: Nscale recorded about $33M in revenue for all of 2025 and roughly $100M in the second quarter of 2026. Investors are betting the contracted pipeline converts before the debt comes due.
