Nscale Secures $3.05 Billion Debt Package for US AI Data Centers

Nscale, a privately held AI cloud provider, has closed two senior secured loan facilities totaling up to $3.05 billion to finance AI computing infrastructure in Texas and North Carolina. The delayed-draw term loans comprise up to $1.85 billion for its Ward County, Texas, campus and $1.2 billion for a site in Madison County, North Carolina. Both facilities received investment-grade ratings with stable outlooks, the company announced on Monday.

The financing structure reflects the capital-intensive nature of AI infrastructure development, where providers must secure funding for chips, power, and data-center capacity well before customers begin consuming computing services. Delayed-draw facilities allow borrowers to access committed capital over time, typically as construction and equipment purchases reach agreed milestones. Nscale did not disclose the loans' interest rates, maturities, amounts initially drawn, or specific credit ratings.

The Texas financing, issued through Nscale Ward County Borrower SPV LLC, will fund Nvidia GB300 Blackwell Ultra and VR200 Vera Rubin systems, along with networking, storage, and liquid-cooling equipment. The deployment is intended to support approximately 275 megawatts of information-technology load. The Ward County campus is tied to Nscale's infrastructure agreement with Microsoft Corp., announced in October 2025, which called for deploying about 104,000 Nvidia GB300 GPUs for Microsoft with phased delivery beginning in the third quarter of 2026. The campus is leased from bitcoin miner and data-center owner Ionic Digital, with the initial project described as roughly 240 megawatts.

Ionic Digital disclosed that Nscale's 126-month triple-net lease covers the site's existing 234 megawatts and is expected to generate about $1.95 billion of contracted revenue through January 2037. Nvidia provided a guarantee of up to $860.3 million covering rent during the first five lease years, while Nscale's parent guarantees later payments, according to Ionic's Securities and Exchange Commission filing. The site's larger power target remains partly dependent on expansion: Ionic has agreed to supply an additional 89 megawatts if it becomes available, but the increase requires regulatory approval and carries no penalty if the power cannot be delivered. Ionic is seeking to expand the property to 700 megawatts by the end of 2027.

The North Carolina facility will fund retrofits, GPUs, and networking at a 96-acre colocation site with as much as 40 megawatts of capacity. Nscale separately lists the facility as expected online in 2026, with 99 megawatts of power secured from Duke Energy. The company describes the North Carolina site as a partner-operated facility and did not identify an anchor customer for that deployment.

The financing adds to a series of large debt and equity transactions completed by Nscale during 2026, underscoring the intense competition among AI infrastructure providers for scarce power supplies and large quantities of advanced chips. In March, the company raised $2 billion in a Series C round that valued it at $14.6 billion, led by Aker ASA and 8090 Industries and including Nvidia, Dell Technologies Inc., Nokia Oyj, and several financial investors. Goldman and JPMorgan served as placement agents for that equity financing. Nscale also signed a $1.4 billion GPU-backed delayed-draw loan in February for European deployments and closed a $900 million revolving credit facility in July.

The succession of financings highlights the substantial upfront capital required to secure chips, power, and data-center capacity in a market where demand for AI computing continues to outpace supply. By securing project-level capital for two US deployments, Nscale is positioning itself to deliver on its commitments to hyperscale customers while managing the financial risks inherent in building out large-scale AI infrastructure.